The Irish Stock Exchange (ISE) has placed new eurobonds of DTEK Energo issued under the debt transaction of the company to its listing. The exchange said that the bonds worth $1.275 billion were issued.
On December 29, 2016 DTEK Energo exchanged old securities to newly issued securities. $750 million bonds due April 4, 2018 and $160 million bonds due April 28, 2018 were united into one issue due on December 31, 2024.
The coupon rate is 10.75% per annum. The issuer will pay the coupon in 2017 and 2018 in money terms at 5.5% per annum, at 6.5% per annum in 2019, 7.5% in 2020, 8.5% in 2021, 9.5% in 2022-2023 and 10.75% per annum in 2024.
The rest of the coupon not paid in the money terms will be capitalized and added to the principal of the eurobonds on a quarterly basis: it will be a liability of DTEK Energo to repay in the next periods.
The whole portfolio of the securities could be merged in one issue matured on December 31, 2024. It is planned that they will be repaid in two equal parts: 50% in December 2023 and 50% when the eurobonds mature.
Along with oil eurobonds the new eurobonds would also include a converted part of the bank debt of around $300 million. (Interfax/Business World Magazine)
