NJSC Naftogaz Ukrainy failed to obtain consent to a two-year deferral of interest payments and redemption on any of its three eurobond issues, the company said on the Irish Stock Exchange.
According to the report, the required quorum (over 2/3) was reached only at a meeting as for eurobonds worth $335 million maturing in July 2022, however, only about 22% of the votes were provided, with the required minimum being 75%.
There was no quorum for the other two issues for EUR600 million maturing in 2024 and for $500 million maturing in 2026, so repeat meetings will be called.
Naftogaz specified that the owners of approximately 49% of the bonds registered for the 2024 eurobond meeting and approximately 74% of the votes were in favor of the Naftogaz proposal.
As for the 2026 eurobonds, which are due in November, about 54% registered for the meeting, and about 43% of the votes were in favor of deferment.
Repeat meetings for 2024 eurobonds and 2026 eurobonds are scheduled for August 31 at 11:00 and 11:15 London time, respectively.
Based on the quorum presented at the initial meetings, it is expected that the adjourned meetings that will be held in respect of the 2024 and 2026 bonds will have a quorum, Naftogaz notes.