Page 59 - UKRRptSept19

8.5.1 Fixed income - bond news
Interpipe might increase new Eurobond issue to $430mn Interpipe NTRP, a subsidiary of Ukraine’s largest pipe producer Interpipe (INPIP), asked its shareholders to approve – at an August 23 EGM – the signing of a surety agreement related to Eurobonds to be issued in the amount of up to $430mn, according to the EGM’s agenda published by the company on August 7. Previously, at an April AGM, Interpipe NTRP’s shareholders allowed the company to sign a surety agreement for up to $330mn in Eurobonds. Other than the volume of the issue, the parameters of the new Eurobonds are the same as before: an interest rate not higher than 10.25%, amortization of $150mn not later than December 31, 2023 and the remainder not later than December 31, 2024. Interpipe NTRP’s shareholders are also asked to approve at their August 23 EGM a surety agreement related to a bank loan from ING Bank N.V. and other creditors of up to $100mn. At the April AGM, the maximum amount of this loan was $55mn. It was previously reported by Reorg Research and Debtwire that, in order to restructure its debt, Interpipe planned to issue up to $310mn in new Eurobonds. Interpipe also planned to take on obligations related to two loans of $45mn each, one to domestic creditors and one to international creditors. Recall, by early April Interpipe reportedly has secured the support of 100% of its creditors for the restructuring deal and planned to close the deal by the end of June.
Interpipe noteholders consent to restructuring Ukraine’s largest pipe producer Interpipe (INPIP) has successfully obtained consent from the proportion of the holders of its $200mn note required for the restructuring of its $1.2bn debt, the company announced on August 28. The consent solicitation was launched on August 14 and required consent from holders of at least 75% of the notional amount of the note to be successful. The consent deadline was 10 a.m. London time on August 28, extended for one day from the initially announced deadline. The same day, the resolution containing all provisions requested by Interpipe from the holders of its notes was executed. Full implementation of Interpipe’s debt restructuring remains ongoing. The total notional amount of the new notes and the total number of performance securities, to be issued to the holders of existing notes and to other creditors, will be determined after September 6. The effective record date for noteholders to receive the restructuring fee is expected to be September 12, and the fees are expected to be paid on September 19
59 UKRAINE Country Report September 2019 www.intellinews.com