By (Text after paragraph two added in the news item issued on November 28)
KYIV. Nov 29 (Interfax-Ukraine) – DTEK Energy will buy back eurobonds maturing in 2027 with a coupon rate of 7/7.5% for a total of $50 million at a price of up to 27% of the face value, the company said in a stock exchange message on Monday.
According to it, the redemption of eurobonds at such a discount will reduce the company’s debt burden and direct more funds saved from servicing international debt to current activities.
The matter concerns the restoration of equipment damaged by shelling, the repair of power units of thermal power plants, a more reliable passage of the autumn-winter period, investments in domestic coal mining, the company specified.
DTEK Energy emphasized that, first of all, it is doing everything possible to provide services for the provision of electricity and heat in the country, as well as to keep enterprises and pay wages to employees on time. However, the company pointed out, it is also important to fulfill obligations to investors: according to the terms of the debt documentation, it is necessary to allocate more than $100 million annually to service eurobonds.
"It was possible to accumulate the corresponding funds before the war, they are of a limited nature for servicing international obligations," DTEK Energy specified to the Interfax-Ukraine agency.
As specified in the message on the London Stock Exchange, the maximum buyback price is 27% of the face value, applications are accepted until the evening of December 8, the announcement of the results is scheduled for December 9, and settlements – December 15. The direct buyer is DTEK Holdings Limited.
