Naftogaz Failure to Pay
On October 7, 2009 the Credit Derivatives Determination Committee for EMEA resolved that a Failure to Pay Credit Event has occurred with respect to Naftogaz and the date of the Credit Event is October 6, 2009. The EMEA Determination Committee has also resolved that one or more auctions may be held to settle relevant transactions with respect to this Failure to Pay Credit Event. This page will contain details of the DC Resolutions, auction documentation and other items relating to the auctions for Naftogaz.
Event Publicly Available Information:
On 24 September 2009, NJSC Naftogaz announced the terms of a planned exchange offer for its $500 million 8.125% Loan Participation Notes due 30 September 2009. The a meeting of holders to vote on the exchange offer is scheduled for 19 October. On 1 October 2009, Naftogaz issued a press release stating that the company made the scheduled interest payment for its 8.125% notes on 30 September. In addition, the company stated that "the principal on the Eurobonds remains subject to a consent to exchange 100% of the bonds for new US dollar-denominated bonds with a 9.5% coupon and a maturity of September 2014, and which will benefit from an irrevocable and unconditional sovereign guarantee from the Government of Ukraine." The 8.125% LPNs do not allow for a grace period on principal repayments. As such, the grace period expired on 5 October 2009. Link to exchange offer announcementLink to Markit LPN for NaftogazLink to announcement regarding missed principal repayment
| Auction Timeline: | http://www.cdsdeterminationscommittees.org/companies/ISDACreditAuctionTimeline.pdf |
| List of Participating Bidders: | List of Participating Bidders |
| Auction Settlement Terms: | NJSC Naftogaz of Ukraine Auction Settlement Terms |
| Deliverable Obligations: | Final List |
| Related Press Releases: | |