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Neftegaz Ukrainy bond issues to repay debt, develop production

November 06, 2003 | GateWay2Russia

By the year-end the gas company Neftegaz Ukrainy plans to transfer $1.4 billion worth of bonds to Gazprom of Russia. The bonds have been issued by the company in order to pay a debt it owes for gas supplies, said Yuri Boiko, Neftegaz Ukrainy chairman.

He added that they contemplate increasing twofold the amount of eurobonds to $600 million, whose issue is scheduled for February 2004. This bond issue is expected to be lead managed by the ABN AMRO Bank of the Netherlands.

Proceeds from the sale of eurobonds will be used by Neftegaz Ukrainy to produce oil in Libya, develop oil and gas production in Ukraine as well as modernize Ukrainian main gas pipelines. It is important to note that during his visit to Libya President Leonid Kuchma agreed with local authorities about company's participation in development of oil fields next year.

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