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Concorde Capital Research: EBRD considers participation in USD 250 mln loan facility for Naftogaz

August 02, 2018 | Cbonds

The European Bank for Reconstruction and Development (EBRD) is going to provide up to USD 100 mln to Ukraine’s natural gas holding Naftogaz as a part of a USD 250 mln revolving loan facility arranged by Goldman Sachs, the bank reported on Aug. 1. The EBRD expects the board meeting to consider the deal will take place on Sept. 5. The loan facility, supported by the U.S. Overseas Private Investment Corporation (OPIC), is aimed at financing Naftogaz’s accumulation of natural gas.

Alexander Paraschiy: It has become tradition for Naftogaz to arrange large debt financing in late summer or autumn to accumulate natural gas stockpiles ahead of the heating season, when gas consumption surges fourfold compared to the summer period. Naftogaz’s low leverage (net debt-to-EBITDA ratio below 0.5x as of end-2017) allows the company to count on smooth debt financing from abroad. The loan facility, whose approval is very likely, as well as the possible placement of Eurobonds in autumn will enable the company to fully finance its gas stockpiles for the nearest heating season.

Company: Naftogaz

Full company namePJSC "Naftogaz of Ukraine"
Country of riskUkraine
Country of registrationUkraine
IndustryOil and gas


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