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DTEK Renewables again offers to buy back its eurobonds for EUR 20 mln
KYIV. Jan 27 (Interfax-Ukraine) – Ornex Limited (Cyprus), a 100% subsidiary of DTEK Renewables, again offered to buy back eurobonds of the parent company maturing in 2024 for a total amount of up to EUR 20 million and announced a corresponding tender.
"The purpose of the offer is to provide the group [DTEK Renewables] with the opportunity to optimize its capital structure by reducing the share of borrowed funds and reducing the debt burden," the company said in a stock exchange message on Wednesday.
As reported, Ornex Limited made the previous similar announcement on November 22 last year and, following the results of the tender, bought back bonds for only EUR 2.583 million at 30% of the face value, or a total nominal value of EUR 8.6 million, with a total issue volume of EUR 325 million.
At that time, the buyout price corresponded to the maximum, which was specified in the tender conditions, while now Ornex Limited is ready to accept buyout applications for consideration at a price up to the nominal one.
According to the Frankfurt Stock Exchange, quotations of DTEK Renewables eurobonds for purchase are currently 33.842% of the face value, and for sale – 34.842%. On the day of the previous buyback announcement, they fell by 47.6%, to 18.85% of the face value, however, after the buyback was completed, the securities were quoted at about 35% of the face value.
The announcement states that electricity generation by DTEE Renewables decreased by approximately 70% between March 2022 and December 2022 compared to the same period in 2021, from 1,739 MWh to 521 MWh.
The company recalled that on February 24, 2022, Ukrenergo instructed all Ukrainian renewable energy producers to stop production activities in order to ensure the stability and balance of the Ukrainian energy sector. Such restrictions were lifted on March 2, but only the group’s solar power plants were able to resume work.
The information also indicates that the group did not receive full payment for the electricity it supplied to Guaranteed Buyer during 2021 and 2022. The payment rate was 88% for February 2022, from 17% to 33% for March-July, 50% for August, 68% for September, 75% for October, 93% for November, 84% for December 2022 and 99% for the first 20 days of January 2023.
