Ukrainian energy conglomerate DTEK, controlled by billionaire Rinat Akhmetov, has agreed with bondholders a standstill scheme until late October that will allow a long-term debt restructuring, the company said in a report published through the Irish Stock Exchange on April 25.
The holders of $910mn notes maturing in 2018 agreed to impose a temporary moratorium on securities until October 28. The proposal was approved by 95.6% of participants who hold 98.8% of the Eurobonds registered in the meeting.
DTEK proposes paying 10% of its accrued coupons on Eurobonds per month during the standstill period starting May 31. Unpaid coupons will be capitalised, but will not bear interest. DTEK may repay more overdue interest to bondholders and debtors if its end-month cash balance exceeds $110mn, the Concorde Capital brokerage in Kyiv wrote in a note on April 11.
The move will allow DTEK to secure the long-term debt restructuring it has already provided to banking creditors and representatives of an ad hoc bondholder committee. Earlier, the holding missed two coupon payments on its Eurobonds worth about $37.8mn.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
Fintech Freedom Holding aims to make France key entry point into EU with €500mn investment
A French banking licence would open the way to a new phase in the international expansion of Nasdaq-listed fintech group Freedom Holding Corp. That’s the expectation of Freedom, a company ... more
Net income at Freedom Holding Corp more than doubles in fiscal 2026
Freedom Holding Corp (Nasdaq: FRHC) slightly more than doubled its net income to $153.3mn in its fiscal year to March 31 from from $76.2mn in the previous fiscal 12 months, the international ... more
Eurasian Development Bank redeems €286mn Eurobond
The Eurasian Development Bank (EDB) said on March 26 it had fully redeemed a five-year Eurobond, meeting all obligations to investors at maturity. The bank paid a total of €286mn, covering both ... more