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Following a decision of the High Court of Justice of England and Wales, DTEK has made sure all bondholders participate in a restructuring of an issue of the company’s debt securities worth $200 million, according to a DTEK statement.
In late March, DTEK, Ukraine's largest private energy holding, proposed that holders of bonds worth a total of $200 million maturing on April 28 this year agree to restructure 80% of debt.
As noted, a share exchange under the scheme of arrangement was approved by 91.14% of the bondholders eligible to participate in the tender.
"According to the procedure specified in the tender proposal, the company has used the Scheme of Arrangement. All holders of Eurobonds were offered equal conditions: redemption of 20% of the nominal value of securities and exchange for new Eurobonds with full repayment in 2018," the statement reads.
In early April, DTEK announced that it had reached agreement with the holders of 88.59% of its Eurobonds on exchange of securities, with the exchange being extended until April 13, 2015.
In 2010, DTEK issued Eurobonds for $500 million maturing in 2015. In late March 2013, DTEK refinanced 60% of its Eurobonds by placing through its subsidiary DTEK Finance PLC five-year Eurobonds worth $600 million and maturing in April 2018.