18:28 13.05.2021

Interpipe announces successful $300 mln eurobonds placement

2 min read
Interpipe announces successful $300 mln eurobonds placement

The international vertically integrated pipe and wheel company Interpipe announced the successful completion of the placement of new Eurobonds in the amount of $300 million, maturing in 2026.

According to the company's press release posted on Thursday, the listing of these Eurobonds will take place on the Luxembourg Stock Exchange starting May 13, 2021.

The coupon rate for the Eurobonds was 8.375% per annum. Applications came from about 50 investors, including an international financial institution. The investor base of the new issue consists mainly of asset management companies, which account for 53% of the total number of applications for placement.

At the same time, it is specified that investors from the U.S., Great Britain and continental Europe have purchased most of the new issue of Eurobonds with shares of 43%, 26% and 26%, respectively. The share of investors from Asia and the MENA region is 5%.

The Joint Bookrunners were organized by Goldman Sachs International and J.P. Morgan.

Director General of Interpipe Fadi Hraibi noted that the new issue of Eurobonds is a significant event for the company, opening a new page in its history.

"Over the past years, we have undergone an impressive business transformation and achieved financial stability. And now Interpipe has successfully returned to the public debt capital markets, having achieved a long-term stable capital structure, which offers ample opportunities for further development and business growth. At the same time, we will continue following the strict and balanced financial policy that Interpipe has been pursuing over the past years," Hraibi said.

As reported, the Fitch Ratings international rating agency assigned the five-year guaranteed notes of Interpipe Holdings plc for $300 million, issued at the rate of 8.375% per annum, the final priority unsecured rating 'B' with the asset recovery rating 'RR4

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 around the world through a network of sales offices located in the key markets of the CIS, the Middle East, North America and Europe.

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