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Concorde Capital Research: DTEK Energy finally completes debt restructuring

November 19, 2019 | Cbonds

Ukraine’s leading coal and power holding DTEK Energy (DTEKUA) has finalized the restructuring of its remaining debt facility, the company reported on Nov. 18. Part of the debt has been converted into the company’s Eurobonds maturing in 2024 and the other part was restructured. According to the company’s 1H19 presentation, the amount of yet-to-be-restructured debt was UAH 207 mln, of which USD 100 mln is subject to conversion into bonds and USD 107 mln is subject to change of debt conditions.

DTEK Energy initiated its debt restructuring in 2015, when its ability to generate profit significantly deteriorated. As part of its restructuring, the holding spun off its natural gas and renewable energy businesses in 2015 and Russian coal mines in 2016, which enabled it to reduce its debt from USD 3.0 bln as of end-2014 to USD 2.2 bln as of end-2016. Of the remaining amount, the holding managed to restructure USD 1.9 bln in late 2016 and early 2017.

Alexander Paraschiy: After the finalization of its debt restructuring, DTEK Energy should enjoy an upgrade of its credit ratings, triggering an appreciation of DTEKUA bonds. This also opens an opportunity for DTEK Energy to try to refinance its existing debt at cheaper rates, which may result in calling the existing bond (at a predetermined call price of 104.0% in 2020, 102.7% in 2021 and 100.0% since 2022).

Issue: DTEK Energy, 10.75% 31dec2024, USD

StatusDefaultCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingYesUkraine12/31/20241,343,717,150 USD-/-/C

Company: DTEK

Full company nameDonbass Fuel-Energy Company(DTEK)
Country of riskUkraine
Country of registrationUkraine
IndustryPower

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