Naftogaz Group has restructured two series of Eurobonds with a combined outstanding value of approximately €1.2 billion ($1.37 billion), securing approval from more than 90% of bondholders in each series, the company announced on July 14. The restructuring extends the maturity of the euro-denominated notes to January 2032 and the dollar-denominated notes to January 2033, giving Ukraine’s largest state energy company more time to repay its debt as Russian attacks continue to generate substantial repair and reconstruction costs.JOIN US ON TELEGRAMFollow our coverage of the war on the @Kyivpost_official. The transaction covers two issues placed through Kondor Finance plc, a UK-based special-purpose issuer: Euro-denominated loan participation notes with approximately €694.6 million outstanding, originally due in 2024 and previously extended to July 19, 2026 Dollar-denominated notes with approximately $583.8 million outstanding, originally due in 2026 and previously extended to Nov. 8, 2028 It is the second restructuring of the same debt. The previous rescheduling was agreed in July 2023. The agreement was completed in two stages. Naftogaz first reached an agreement in principle with an ad hoc group representing approximately 40% of each bond series. It then conducted a consent-solicitation process open to all eligible bondholders. Then-Naftogaz CEO Sergii Koretskyi, who was subsequently appointed Ukraine’s prime minister, said the agreement would allow the company to direct more resources toward restoring damaged infrastructure and preparing for the heating season. “The successful restructuring gives us greater flexibility to direct additional resources toward restoring infrastructure damaged by Russian attacks,” Koretskyi said.