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9.95%, maturing in ten years and callable in five years. The placement is planned to be completed next week. J.P. Morgan and Morgan Stanley act as the organizers of the placement. The immediate issuer is a special purpose vehicle (SPV) of Ukreximbank – Biz Finance Plc (UK), through which the bank's Eurobonds were previously issued. According to the National Bank of Ukraine (NBU), the bank was third among 76 banks operating in the country in terms of total assets. This is the second international debt issuance of Ukreximbank since Ukraine's financial collapse of 2014. Last year, the bank placed a UAH-denominated international bond.
Energoatom, the operator of Ukraine’s four nuclear power stations and source of half of the nation’s electricity, is considering issuing Eurobonds for listing on the London Stock Exchange, the company reports. As a first step, the state company plans a legal roundtable on Thursday. Energoatom, officially the National Nuclear Energy Generating Company of Ukraine, has 13.9 gigawatts of installed electricity capacity. Last year, it recorded $180mn in net profit.
Ukraine's leading coal and power holding DTEK, controlled by oligarch Rinat Akhmetov, has finalised the restructuring of its remaining debt facility, initiated in 2015, the company reported on November 18. Part of the debt has been converted into the company’s Eurobonds maturing in 2024 and the rest was restructured. According to the company’s January-June presentation, the amount of yet-to-be-restructured debt was UAH207mn, of which $100mn is subject to conversion into bonds and $107mn is subject to change of debt conditions. DTEK initiated its debt restructuring when its ability to generate profit significantly deteriorated. As part of its restructuring, the holding spun off its natural gas and renewable energy businesses in 2015 and Russian coal mines in 2016, which enabled it to reduce its debt from $3bn as of end-2014 to $2.2bn as of end-2016. Of the remaining amount, the holding managed to restructure $1.9bn in late 2016 and early 2017.
60 UKRAINE Country Report December 201 www.intellinews.com
