Interpipe international vertically integrated pipe and wheel company has announced that on September 27 all parties in the debt restructuring consent solicitation regarding the restructuring of its $200 million secured notes (eurobonds) with 10.25% coupon due in 2017 met the conditions of the consent solicitation.

According to a company report for investors, Interpipe Holdings Plc. will issue new notes for the amount of $309.192 million and 3,086 units to equalize the cost of the notes payments on which are pegged to earnings before interest, taxes, depreciation and amortization (EBITDA) and cash flow of Interpipe in coming 10 years.

As reported, the company offers to the holders of its 10.25% notes with a face value of $1,000 each in the amount of $200 million due in 2017 to give consent to amend the liabilities of the company with the issue of new notes. It is planned to issue new $410.53 notes for $1,000 of the principle sum of existing notes at the same percentage. The total amount of new notes will be $82.105 million as of the date when the restructuring agreement takes effect.

Interest on new bonds will be paid in equal installments every six months.

The maturity date for the new bonds is December 31, 2024. At the same time, the company undertakes to redeem new bonds in the amount of $150 million plus accrued and unpaid interest, as well as additional amounts, by December 31, 2023.