(MENAFN– UkrinForm) Starting November 9, 2024, Ukrenergo National Power Company will suspend payments based on its outstanding greenbacks.

The relevant statement was made by the company’s press service, reports an Ukrinform correspondent.

“From November 9, 2024, the National Energy Company Ukrenergo will suspend payments for its outstanding green notes issued under a state guarantee in 2021. The suspension takes place in accordance with the Law of Ukraine “On conducting transactions with state debt, guaranteed by state”. Debt and Municipal Debt and State Derivatives” and decisions made under the above law by the Cabinet of Ministers of Ukraine and the Ministry of Energy of Ukraine as the authorized governing body,” the report states.

The suspension of bond payments under the law will last until the restructuring process is completed. In cooperation with the Ukrainian government, Ukrenergo is taking the necessary steps to reach an agreement with ticket holders in the coming months.

As Ukrenergo pointed out, ticket holders are the company’s important partners.

“In 2022, the parties agreed to defer bond payments, which helped support the company during the war and significantly contributed to its financial resilience over the past two years. In the near future, the company intends to engage with the group of security holders to agree on a fair and consensual treatment of the securities,” Ukrenergo concluded.

In this regard, Ukrenergo informed its partners and creditors about the suspension of payments under its guaranteed green notes related to sustainability, as well as assured them of the operational and financial stability of the company.

The electricity transmission operator of Ukraine continues to fulfill its duties, namely to carry out preparations for the winter season, restoration, provision of protection and increasing the resilience of the country’s integrated energy system in wartime conditions.

A reminder that in November 2021, the National Energy Company Ukrenergo announced the placement of its first 5-year green and sustainability Eurobonds in the amount of USD 825 million with a yield of 6.875%. The proceeds were used to repay the debt to the Guaranteed Buyer State Enterprise.