First Deputy Prime Minister of Ukraine – Minister of Energy Denys Shmyhal reported that NPC Ukrenergo has launched a debt management operation concerning $825 million in sustainable development bonds, following the Government’s approval, at the initiative of the Ministry of Energy, of a resolution providing a state guarantee for the company.

According to him, this is an important step towards launching the restructuring of the transmission system operator’s Eurobonds.

The decision enabled Ukrenergo to commence a debt management operation involving sustainable development bonds issued in 2021. Accordingly, a solicitation has been published today on the London Stock Exchange, inviting existing bondholders to support the proposed amendments to the restructuring of the company’s debt obligations. The transaction is expected to close in October.

“The completion of Ukrenergo’s debt restructuring will create additional conditions for restoring high-voltage substations damaged by Russian attacks and help minimise the burden on the electricity transmission tariff,” Denys Shmyhal emphasized.