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DTEK to pay about $30 mln bond coupon in full in Sept – media – KyivPost


DTEK CEO Maksym Timchenko

Rinat Akhmetov’s DTEK Energy plans to pay full $29.5 million coupon on eurobonds in September this year, DTEK CEO Maksym Timchenko has said.

“DTEK Energy will pay September’s $29.5 million coupon on its 2027 note in cash,” he said in an interview with Bloomberg.
According to the publication, that would mark the second successive quarter that the company has made a full coupon payment to Western partners.

“Although we agreed an option to have four consecutive periods of half payment in kind we decided not to use this and leave it for later in case the situation gets worse,” Timchenko said.

The publication said that the firm had reached an agreement with bondholders to change terms to allow it to pay 3.5% cash interest instead of the full 7% in upcoming quarters. However, it ultimately paid the June coupon at the full rate.

Bloomberg said that the private company’s plan to pay the coupon will probably come as a relief to investors, after a number of state-owned companies, mainly Ukravtodor and Ukrenergo, in Ukraine sought to delay debt payments.

Timchenko also said in the interview that DTEK Energy is in the process of integrating into the European power system and will be announcing renewables investments in Romania in the coming months. The company also has plans for projects in Italy, Croatia and Poland, he said.

As reported, in April, DTEK Energy asked the holders of its $1.645 billion eurobonds maturing in 2027 to agree to the payment of the next two coupons for the first and second quarters of this year at a rate of 3.5% per annum, with the remaining 4% capitalized at rate of 8.5% per annum and their payment later.

The company received a positive response from the holders to this request ahead of schedule.




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