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Concorde Capital Research: DTEK Energy announces finalization of debt restructuring

October 31, 2019 | Cbonds

Ukraine’s leading coal and power holding DTEK Energy (DTEKUA) is engaged with its bank lenders on finalizing the restructuring of its bank debt, according to the company’s Oct. 29 release. DTEK Energy is completing the documentation related to the remaining unrestructured facility that envisages, among other things, (i) conversion of part of the debt into notes issued by DTEK Finance plc maturing on Dec. 31, 2024, and (ii) restructuring the remaining debt.

As of June 30, DTEK Energy had USD 207 mln of unrestructured bank debt, of which 100 mln is subject to bond conversion and USD 107 mln subject to restructuring, according to its 1H19 presentation. Its total debt as of end-June 2019 was USD 1,973 mln.

Alexander Paraschiy: Upon completion of the remaining debt restructuring, DTEK Energy will finalize its debt operation started in 2015. That will trigger rating upgrades and therefore will become a powerful catalyst for a surge in its bond price.

We remain bullish on DTEKUA bonds.

Company: DTEK Energy

Full company nameDTEK Energy BV
Country of riskUkraine
Country of registrationNetherlands


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