Naftogaz Eurobond (EBRD-50809)

Countries
  • Ukraine
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 12, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Kondor Finance PLC
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 132.86 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 120
Converted using 2019-07-31 exchange rate.
Project Cost (USD)
$ 999.34 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 7, 2019

Disclosed by Bank Jul 31, 2019


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Project Description

According to the Bank's website, this project provides financing in the form of a 5 year senior fixed rate coupon unsecured Eurobond issued alongside USD 335 million 3 year Eurobond by Kondor Finance plc and rated by Fitch in favour of NJSC "Naftogaz of Ukraine".

According to the Bank, use of the Bond proceeds will fund the gas purchase.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors
  • Kondor Finance PLC -- Financial Intermediary
  • Naftogaz -- Implementing Company

Kondor Finance PLC is a public liability company incorporated in the UK specifically for the purpose of NAK's Eurobond issuance.

Naftogaz is a 100% state-owned company with the cabinet of ministers of Ukraine acting as nominated shareholders on behalf of the state. Naftogaz is the holding company of a vertically integrated group of entities with activities including oil and natural gas production, transportation and storage, refining and supply.

Contact Information

Volodymyr Bariyatskyy
Bariyatskyy@naftogaz.com
+380 (44) 5863509
www.naftogaz.com
Bohdana Khmelnitskogo Str. 6, Kyiv, Ukraine, 01601,

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.