DTEK pegs additional payments to creditors to TPPs' power generation tariff
DTEK energy holding has pegged additional payments to its creditors to the tariff for power generation by thermal power plants (TPPs), DTEK has reported on its website.
The company said that additional 5% on unpaid interest will be accrued in the period from September 1 until October 28, 2016 if the average tariff of DTEK's TPPs (on the Ukraine-controlled territories) exceeds UAH 1.14 per kWh in June-October (apart from investment compound and VAT).
As reported, DTEK early April 2016 said that the company is unable to pay coupons on its $750 million eurobonds placed at 7.875% per annum (due on April 4, 2018) and $160 million eurobonds placed at 10.375% (due on March 28, 2018). The company initiated the standstill scheme until October 28, 2016.
The High Court of Justice of England and Wales late April 2016 sanctioned a arrangements between DTEK Finance B.V. and the scheme creditors.
The energy holding seeks to hold a large-scale restructuring of its capital structure.
