Metinvest pays $3.8 mln, capitalizes $8.1 mln interest on restructured eurobonds

18:59, 27.05.2016 1 min read

Metinvest mining and steel group has paid $3.8 million of interest income on 2016-2018 eurobonds being restructured.

According to a report by the issuer on the website of the Irish Stock Exchange, this sum accounts for 30% of the accrued and unpaid interest income for the period from March 15 to April 15, 2016. In particular $314,777 was paid on 2016 eurobonds, $1.095 million on 2017 eurobonds, and $2.392 million on 2018 eurobonds.

In addition, the issuer capitalized $8.1 million of interest income accrued during the period, which cannot be paid due to a lack of available funds, which would exceed $180 million.

As a result of capitalization the nominal volume of the issue of eurobonds maturing in 2016 increased by about $734,480, to $88.477 million, 2017 eurobonds by $2.555 million, to $300.532 million, and 2018 eurobonds by $5.582 million, to $786.774 million.

The company specified the register of the relevant accruals was closed on May 12, 2016.