TIDMIRSH

DTEK Finance Plc

27 November 2020

DTEK ENERGY GROUP RESTRUCTURING

As previously announced, the DTEK Energy B.V. group (the "Group"), together with its financial adviser, Houlihan Lokey, and its legal adviser, Latham & Watkins LLP, is engaged in discussions with (i) an ad hoc committee of bondholders (the "Bondholder Ad Hoc Group") representing approximately 35% of the outstanding principal amount of the 10.75% Senior PIK Toggle Notes due 2024 issued by DTEK Finance PLC (the "Notes") and its legal adviser, Dechert LLP, and (ii) an ad hoc committee of bank lenders (the "Bank Lender Ad Hoc Group") and its financial adviser, Rothschild & Cie, and its legal adviser, Hogan Lovells International LLP, regarding the restructuring of substantially all of the Group's indebtedness (the "Restructuring").

Capitalised terms used but not defined in this announcement have the meanings given to them in the Revised Restructuring Proposal (as defined below).

During the course of such discussions, the Group has provided certain price sensitive information to the Bondholder Ad Hoc Group and the Bank Lender Ad Hoc Group, including the terms of a revised restructuring proposal (the "Revised Restructuring Proposal"). The Revised Restructuring Proposal and certain other price sensitive information are now available on the Group's website at https://www.dtek.com/en/investors_and_partners/disclosure/ .

At this time, the Group has not reached an agreement with the Bondholder Ad Hoc Group and the Bank Lender Ad Hoc Group with respect to the Revised Restructuring Proposal and discussions are continuing. The material points of difference that currently exist between the two sides are summarised below:

   --    the principal amount of the DTEK Oil & Gas Notes; 

-- the key economic terms of the DTEK Oil & Gas Notes and the New DTEK Energy Notes, including coupon, maturity and repayment terms;

-- the extent and nature of the credit support package to be provided for both the DTEK Oil & Gas Notes and the New DTEK Energy Notes;

-- the extent and nature of enhanced governance and transparency protocols to be adopted by the Group for the benefit of the creditors; and

   --    the extent to which the creditors will benefit from credit support from outside the Group. 

For any enquiries, please contact:

DTEK Energy B.V.: Oksana Nersesova (Tel: +380 44 581 4522, NersesovaOE@dtek.com)

Houlihan Lokey , financial adviser to the Group: Gijs de Reuver (Tel: +44 20 7747 2710, GdeReuver@HL.com) or Nicolas Guelfand (Tel: +33 1 53 43 38 08, NGuelfand@HL.com)

Latham & Watkins, legal adviser to the Group : Edward Kempson (Tel: +7 495 644 1928, Edward.kempson@lw.com )

Rothschild & Cie, financial adviser to the Bank Lender Ad Hoc Group: Giovanni Salvetti (Tel: +7 495 775 8221, giovanni.salvetti@rothschildandco.com) or Simon Bard (Tel: +33 1 40 74 41 66 , simon.bard@rothschildandco.com)

Hogan Lovells International LLP , legal adviser to the Bank Lender Ad Hoc Group : Alex Kay (Tel: +44 20 7296 2256, alex.kay@hoganlovells.com)

Dechert LLP , legal adviser to the Bondholder Ad Hoc Group : Solomon Noh (Tel: +44 20 7184 7337, solomon.noh@dechert.com) or Alastair Goldrein (Tel: +44 20 7184 7456, alastair.goldrein@dechert.com)

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NRAPPGPAGUPUGQM

(END) Dow Jones Newswires

November 27, 2020 11:55 ET (16:55 GMT)