Metinvest mining and steel group has appealed to the holders of its eurobonds and creditor banks, providing pre-export financing, with a proposal to convert all of the obligations into a single issue of eurobonds.
The statement has been posted on the website of the Irish Stock Exchange (ISE).
The company, in particular, proposes to combine all three eurobond issues: maturing in 2016 with the total nominal value of $89.75 million, maturing in 2017 for $305.12 million and those maturing in 2018 for $792.336 million, as well as pre-export financing with the limit amount of $2.185 billion into a single issue of eurobonds with the maturity until December 31, 2021.
The company did not specify other conditions of new eurobonds.
The group intends to pay to all creditors 0.75% of commission of the amount of commitments for support of restructuring.
In addition, Metinvest said the main terms of restructuring had already been supported by some members of the bondholders committee who owned more than 50% of the securities.
Metinvest is ready to pay appropriate premium to the owners of the securities, who will sign a relevant agreement (lock-up agreement) by January 16, 2017. (Interfax/Ukrainian metal)