DTEK Finance Plc DTEK Energy Group Restructuring
27 November 2020 - 4:55PM
RNS Non-Regulatory
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)
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November 27, 2020 11:55 ET (16:55 GMT)