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        is $6.47mn, according to the release. In this way, Interpipe has redeemed early $302.7mn of its bond in 2020, or 98% of the notes outstanding. Recall, the company redeemed $98.5mn in January, $97.0mn in August and $32.4mn in October. The key question is why has Interpipe not fully redeemed its Eurobond amid the apparent ability to do so. Our explanation is that the company is demonstrating to the markets that it will focus on refinancing its performance-based securities (which emerged as a result of debt restructuring) in 2021-1H22, while it won’t use its opportunity (which opens as soon as it repays its bond in full) to pay dividends.
 53​ UKRAINE Country Report​ January 2021 ​ ​

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