Recent Posts
- Ukraine recovery should be based on development of territorial communities, innovations, involvement of professional domestic community – results of ESUR forum 29.06.2023
- Ukraine repatriates five more seriously wounded Russian POWs 10.04.2023
- Rada intends to include history of Ukraine, foreign language in final certification for general secondary education 10.04.2023
- Rada terminates protocol on joint anti-terrorist measures in CIS territories for Ukraine 10.04.2023
- 100 Ukrainians, incl defenders of Mariupol, returned according to swap procedure – Yermak 10.04.2023
DTEK RES reduces amount of eurobond buyback to EUR 14.98 mln
KYIV. Feb 17(Interfax-Ukraine) – Ornex Limited (Cyprus), a 100% subsidiary of DTEK Renewables (RES), has reduced the maximum amount of redemption of parent company eurobonds maturing in 2024 from EUR 20 million to EUR 14.979 million.
As stated in the company’s exchange message, on February 14 it reduced it to EUR14.867 million, but the next day slightly increased it to EUR 14.979 million.
The deadline for applications closed on February 14, and there is no announcement of the results of the buyback yet, although the company announced that it could appear as early as Thursday.
“The purpose of the offer is to provide the group (DTEK RES) with the opportunity to optimize its capital structure by reducing the share of borrowed funds and debt burden,” the company said earlier.
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 EUR8.6 million, with a total issue volume of EUR 325 million.
At that time, the buyback price corresponded to the maximum, which was specified in the tender conditions, while now Ornex Limited is ready to accept buyback applications for consideration at a price up to the nominal one.
According to the Frankfurt Stock Exchange, DTEK RES eurobond quotes currently stand at 37.72% of the face value, which is almost 3.5 percentage points higher than on the day the buyback was announced on January 27.
The Bank of New York Mellon acts as an agent in the operation.
