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. Last Updated: 07/27/2016

Naftogaz Seeks to Avert Default

Naftogaz is seeking to avert defaulting on $500 million of eurobonds due this month by offering five-year securities in exchange, the company said in a statement Thursday.

The bonds, due 2014, will pay annual interest at 9.5 percent and have an “unconditional and irrevocable sovereign guarantee,” the company said. The interest rate offered is below the 11 percent yield on government bonds maturing in June 2013.   

(Bloomberg)