Interpipe noteholders consent to restructuring

Ukraine’s largest pipe producer Interpipe (INPIP) has
successfully obtained consent from the proportion of the holders of its USD 200
mln note required for the restructuring of its USD 1.2 bln debt, the company
announced on Aug. 28.

The consent solicitation was launched on
Aug. 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 Aug. 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 Sept. 6. The effective record date for noteholders to receive
the restructuring fee is expected to be Sept. 12, and the fees are expected to
be paid on Sept. 19.

Dmytro Khoroshun: We expect Interpipe and its creditors to be successful in
restructuring their relationship. This deal promises to be the most
sophisticated so far between a Ukrainian debtor and international creditors.