Restructuring of debts of NJSC Naftogaz of Ukraine will not influence the cost of credits, both for the company itself and for Ukraine in general, Naftogaz CEO Oleh Dubyna has told an interview with the Dzerkalo Tyzhnia newspaper, UKRINFORM reports.

“I think that in a medium-term prospect there will be no impact. Along with other measures to improve the company's financial standing, a successful restructuring of Naftogaz's debts this year will improve a structure of the company's debts. In a medium-term prospect this will influence the improvement of the credit rating and the possibility of raising finances.

Dubyna believes that successful and conflict-free solution to the debt problems of Naftogaz of Ukraine will have a positive impact on the market of Ukrainian debt liabilities on the whole.

He named a firm date when it will be possible to confidently announce a successful restructuring of Naftogaz's debts. “A firm date is October 23. This is a date of issuing new securities of NJSC Naftogaz of Ukraine. I think it will run successfully. There is every prerequisite and ground to be confident of that,” the official said.

Earlier Naftogaz proposed that the holders of its 2004 eurobonds worth USD 500 million swap them for bonds with a sovereign state guarantee falling due in September 2014. The company suggested that the securities with a yield of 8.125% maturing on September 30, 2009 be swapped for new ones, having a yield of 9.5%.

The government permitted the finance ministry to extend a state guarantee for the company's indebtedness if appropriate agreement with creditors is reached.

92% of the creditors welcomed the restructuring initiative.


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