Interpipe to partially redeem 2024 eurobonds for $74.8 mln
The Interpipe Pipe and Wheel Company announced its decision to carry out another partial redemption of eurobonds 2024 – this time in the amount of $74.82 million.
As reported in the stock exchange statement of Interpipe Holdings Plc last week, the issuer shall redeem its notes on December 29 this year.
Interpipe CEO Fadi Hraibi at a conference this week announced that the company intends to continue buying back its 2024 eurobonds. "Various instruments are also being considered for attracting financing for Capex financing: issuing eurobonds, attracting project financing and attracting bank financing," he said.
At the same time, Hraibi said that "there are no immediate decisions on [new] eurobonds."
In October 2019, Interpipe announced the completion of the restructuring with a partial write-off of the group's existing debt to its main financial creditors, including $200 million eurobonds with a 10.25% coupon and maturity in 2017. As a result of the restructuring, the debt was reduced and issued with a new issue of $309.192 million eurobonds at 10.25% maturing in 2024 and a loan of $45.808 million due at the end of 2020.
The maturity of the existing new bonds is December 31, 2024, the rate remains unchanged – 10.25% per annum. The company undertakes to redeem new bonds in the amount of $150 million "plus" accrued and unpaid interest by December 31, 2023.
As a result of a series of repayments in 2020, the latest of which was in October in the amount of $32.4 million, their volume decreased to $81.292 million.
Interpipe is a Ukrainian industrial company, a manufacturer of seamless pipes and railway wheels. The company's products are supplied to more than 80 countries through a network of sales offices located in the key markets of the CIS, the Middle East, North America and Europe.
The ultimate owner of Interpipe Limited is Ukrainian businessman Victor Pinchuk and his family members.