Ukrainian power company Ukrenergo has paid $28.4 million on time as the first coupon on its debut five-year “green” Eurobond and will continue servicing its debt despite Russia’s invasion, the company’s head said on Tuesday.
“One of our priorities during the war is to fulfil our international obligations,” Volodymyr Kudrytskyi, Ukrenergo’s chief executive officer, said in a Facebook post.
“Maintained solvency during the war is a guarantee that in the future we will receive enough investment to rebuild Ukraine’s energy infrastructure.”
The state-run electricity grid operator placed an $825 million issue last November to raise funds to alleviate a debt crunch in the renewable energy sector. The European Bank for Reconstruction and Development (EBRD) bought $75 million of the debt, which was guaranteed by the government.
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Some analysts expect Ukraine will need to ask creditors to restructure its debt payments following a sharp decline in tax revenue, but Finance Minister Serhiy Marchenko has said it is not appropriate to start such a discussion now.
Reporting by Natalia Zinets; Editing by Kirsten Donovan
Source: Reuters