Interpipe bondholders support change to Eurobond covenants
12 January 2009
In a January 5 meeting, Interpipe received the support of bondholders to alter the bond covenants on its USD 200 mln three-year Eurobond maturing in 2010 and upped the coupon rate. In terms of the covenant, the Debt/EBITDA requirement was changed from 3.5:1 to 4.5:1, and the definition of indebtedness was revised to exclude a USD 355 mln loan the company drew in August 2008. The coupon rate on the bond was increased by 150 bps to 10.25%.
