“DTEK Energo” has completed the restructuring of Bank debt, providing for, among other things, the conversion of the debt into Eurobonds issued by DTEK Finance PLC (the Netherlands), maturing on 31 December 2024, the company said on the website of the Irish stock exchange on 29 October.

The terms of restructuring of debt, which is not subject of conversion, the message is not specified.

As noted in the daily review of investment Concorde Capital head of analytical Department of investment company Alexander para, the completion of the restructuring will boost the prices of Eurobonds.

“After the completion of the remaining restructuring DTEK completes debt operation launched in 2015. This will increase the rating and, therefore, will be a powerful catalyst for the growth of bonds ‘prices” – quoted in the words of the report Parasia.

As reported, the holding company at the end of 2016 held an exchange of previously issued Eurobonds for $750 million c redemption 4 of April 2018 and $160 million maturing on 28 April 2018 in the new issue with a maturity up to 31 December 2024. Conditions of Eurobonds suggest that their repayment will be in two equal installments: 50% in December 2023, 50% by the expiration of the treatment.

The coupon rate on new Eurobonds is set at 10.75% per annum. While in 2017-2018, the coupon payment in cash was carried out at a rate of 5.5% per annum, and in 2019 – 6.5% per annum, in 2020 – 7.5% per annum, in 2021 8.5% per annum in the years 2022-2023. Of 9.5% per annum in 2024 – 10.75% per annum. The remaining part of the coupon, not paid in cash, kapitaliserede and will be added to the principal amount of the Eurobonds on a quarterly basis.

At the end of March 2017, “DTEK Energo” has also reached an agreement with the part of holders of Bank debt long-term restructuring of the credit portfolio that provides for the deferral of the majority of loans borrowed prior to June 30, 2023 and the change of certain conditions. The debt will be implemented through the depreciation mechanism.

The interest rate on the debt is set at 5%+EURIBOR/LIBOR. At the same time in 2017 and in 2018 will be paid 51% of accrued monthly interest income in 2019 – 60%, in 2020 70% in 2021% – 79% in 2022 and 88% in 2023 and 100%. Unpaid interest will be capitalized. Shall also be permitted non-permanent payments in the repayment of accrued interest in the presence of excess funds.

At the end of September 2018 “DTEK Energo” restructured on similar terms another $217 million of Bank debt.

According to BofA Merrill Lynch (BofAML), prestrukturiranje remained DTEK’s debt to Gazprombank.

According to unaudited consolidated statement for the first half of 2019, as of June 30, prestrukturiranje remained debt in the amount of 6,406 billion.

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