Naftogaz Group has successfully completed the restructuring of two series of Eurobonds: EUR 695m due in 2026 and USD 584m due in 2028. The restructuring was approved by more than 90% of the holders of each series of the bonds.
“The successful restructuring gives us greater flexibility to direct additional resources toward restoring infrastructure damaged by russian attacks, which have numbered around 250 this year alone, and allows us to better prepare for the upcoming heating season,” said Sergii Koretskyi, CEO of Naftogaz.
The restructuring covers the outstanding bonds issued by Naftogaz through Kondor Finance plc. The agreement was reached in two stages. First, Naftogaz reached an agreement in principle with an ad hoc group of international bondholders in June 2026. This was followed by a successful consent solicitation process involving all bondholders in July 2026. As a result, the maturity of the euro-denominated bonds will be extended to 2032, while the US dollar-denominated bonds will be extended to 2033.
The transaction represents an important milestone for Ukraine’s corporate debt and capital markets. The high level of bondholder support demonstrates the continued willingness of international investors and Ukrainian borrowers to engage constructively and agree on sustainable long-term solutions despite the ongoing war. By significantly reducing Naftogaz’s near-term refinancing pressure, the restructuring also supports the financial resilience of a strategically important Ukrainian company.
The transaction further strengthens FinPoint’s position as a leading Ukrainian financial adviser on complex debt restructuring and capital markets transactions.
FinPoint and Rothschild & Co acted as exclusive financial advisers to Naftogaz Group. FinPoint’s team included Oleg Kovtun, Leonid Kyryan, Vitaliy Stukan, Yurii Zamoiskyi and Maryna Matviienko.
About Naftogaz Group
Naftogaz Group is Ukraine’s largest vertically integrated oil and gas company. The Group’s activities include hydrocarbon exploration and field development, oil and gas production, exploration and production drilling, natural gas and oil storage, the processing of oil and gas, and the supply and distribution of natural gas, liquefied petroleum gas and petroleum products to consumers.