The international vertically integrated pipe and wheel company Interpipe announced the next partial redemption of eurobonds-2024 in the amount of $74.8 million.

According to a press release from Interpipe Holdings Plc on Tuesday, the remaining debt on the bonds is currently $6.48 million.

Earlier, the exchange announcement of Interpipe Holdings Plc informed on December 18 of this year about the decision to carry out the next partial redemption of Eurobonds-2024 in the amount of $74.8 million. The buyback was planned to be carried out on December 29 this year.

Chief Executive Officer Fadi Hraibi announced earlier in December during the conference that the company intends to continue buying back its 2024 Eurobonds.

Various instruments are also being considered for attracting financing to finance Capex: issuing Eurobonds, attracting project financing and attracting bank financing, he said.

At the same time, Hraibi stressed 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 eurobonds for $309.192 million at 10.25% maturing in 2024 and a loan for $45.808 million due at the end of 2020.

The maturity of the existing new bonds is December 31, 2024, the rate remains the same 10.25% per annum. The company undertakes to buy back new bonds in the amount of $150 million with accrued and unpaid interest by December 31, 2023.

As a result of a series of repayments in 2020, the last of which was in October for $32.4 million, their volume decreased to $6.45 million.