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Kondor Finance Plc (Issuer) & National Joint Stock Co. “Naftogaz of Ukraine” - Consent - News

Update regarding Consent Solicitation process


11 JULY 2023

Full announcement including disclaimers and offer restrictions available via Euronext

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Update regarding Consent Solicitation process


On 31 May 2023, Naftogaz announced the new terms of a consent solicitation to be launched to amend the terms of the 2022 Notes and the 2026 Notes (the “Consent Solicitation”), which were approved by Order 554-p of the Cabinet of Ministers of Ukraine dated 24 June 2023. Following the approval of the draft Consent Solicitation documentation required by certain Ministries of the Government of Ukraine, Naftogaz expects to launch the Consent Solicitation on or around 13 July 2023.


The proposed terms of the Consent Solicitation announced in respect of the 2026 Notes included the creation of a debt service reserve fund. Naftogaz hereby confirms that it has set aside a debt service reserve account and deposited the first instalment of USD19,062,500, being an amount equivalent to six (6) months’ interest debt service in respect of the 2026 Notes.


Naftogaz wishes to inform Noteholders that on 13 July 2023, at 2pm CET, Naftogaz’s CEO, Oleksiy Chernyshov and advisors will be holding a Noteholder call followed by a moderated Q&A session. On this call, Mr Chernyshov and advisors will provide an update on the Consent Solicitation process and respond to Noteholders’ queries with respect to the terms of the Consent Solicitation. Noteholders can submit questions before the call commences by emailing Naftogaz’s financial advisor Lazard at naftogaz.investors@lazard.com.


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Ukrainian Cabinet approves term sheet suggested by Naftogaz to restructure 2022/2026 Eurobonds

26 JUNE 2023

Full announcement including disclaimers and offer restrictions available via Naftogaz

"The Cabinet of Ministers of Ukraine (CMU) has agreed on the term sheet to restructure Naftogaz of Ukraine Eurobonds maturing in July 2022 and November 2026. The restructuring had earlier been agreed with investors. The relevant resolution of the CMU was published on the Cabinet's website on June 26, 2023.

I am very thankful to the Cabinet, as a shareholder of the Company, for approving the conditions of the term sheet agreed with holders of Naftogaz's Eurobonds. This has brought the Company one step closer to fulfilling its obligations to investors," commented Oleksiy Chernyshov, Chairman of the Naftogaz Board.

The transaction is expected to be completed by the end of Summer 2023.


Background: Detailed proposals with regard to the term sheet had also been earlier approved by the Management Board and Supervisory Board of Naftogaz of Ukraine.


The terms and conditions of the Eurobond term sheet for bonds maturing in July 2022 and November 2026 are available at the Company's website."


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ANNOUNCEMENT IN RELATION TO THE OUTSTANDING

U.S.$335,000,000 7.375 PER CENT. LOAN PARTICIPATION NOTES DUE 2022 (ISIN: XS2027393938) (the “2022 Notes”); and

U.S.$500,000,000 7.625 PER CENT. LOAN PARTICIPATION NOTES DUE 2026 (REG S ISIN: XS2077601610; RULE 144a ISIN: US50050MAB19) (the “2026 Notes”, and holders of the 2022 Notes and the 2026 Notes, the “Noteholders”)


31 MAY 2023


Full announcement including disclaimers and offer restrictions available via Naftogaz

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