Sayenko Kharenko advises the ad hoc group on the restructuring by Naftogaz of the EUR 1.2 billion Eurobonds

Sayenko Kharenko acted as Ukrainian legal counsel to an ad hoc group of holders of two series of Eurobonds issued by Naftogaz of Ukraine through Kondor Finance plc in connection with the restructuring of approximately EUR 1.2 billion of outstanding Eurobonds.

The restructuring followed an agreement in principle reached with the ad hoc group and a subsequent consent solicitation launched by Naftogaz. The transaction extends the maturity of the euro-denominated notes to 2032 and the US dollar-denominated notes to 2033. According to Naftogaz, the restructuring is intended to support the restoration of liquidity and enable the company to mitigate the impact of damage to its infrastructure, accumulate sufficient natural gas reserves for the 2026/2027 heating season and continue fulfilling its public service obligations.

Naftogaz of Ukraine is a national oil and gas group of companies engaged in the exploration, production, transportation, storage and supply of oil and natural gas.

Sayenko Kharenko’s team included Igor Lozenko, Oles Trachuk and Artem Medvetskyi.