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Interpipe provides creditors with preliminary plan for restructuring $1.25 bln liabilities

07 sierpień 2018 | Интерфакс-Украина

Interpipe pipe and wheel company (Dnipro) at a meeting with the creditors in London on July 17 presented a preliminary plan for restructuring its liabilities worth $1.25 billion, Concorde Capital investment company has reported, with reference to a report by Reorg Research.

The debtor, in particular, proposes to convert this debt into six-year eurobonds for $310 million with a coupon of 9.35% per annum, as well as two credit tranches of $45 million to Ukrainian banks and $45 million to international ones. The rest of the debt will be written off.

Eurobond holders and international banks will also receive securities, payments on which will be tied to Interpipe's EBITDA. Ukrainian banks will not receive the relevant securities, at the same time they will have less debt forgiveness.

The terms of restructuring also imply imposing a $40 million fine on Interpipe if it allows non-payment under new eurobonds or loans to international banks.

Interpipe intends to pay creditors a substantial commission fee if the restructuring plan for liabilities is approved.

The adviser to the debtor is Stephenson Harwood (the UK), to the creditors Alvarez & Marsal and Allen & Overy (the UK).

Issue: Interpipe Limited, 10.250% 2aug2017, USD

StatusDefaultCountry of riskRedemption (offer)VolumeIssue Rating (M/S&P/F)
Nieuiszczenie należnościYesUkraine02.08.2017200.000.000 USDNR/-/Withdrawn

Organizacja: Interpipe Limited

Pełna nazwa firmyInterpipe Limited
Country of riskUkraine
IndustryHutnictwo żelaza i stali

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