Metinvest pays a third of monthly accrued bond interest

Ukraine’s largest steel manufacturer Metinvest (METINV) reported on April 18 that it has paid 30% of the accrued interest on its three issues of notes totaling USD 2.7 mln for the period between March 15 and April 15, according to its standstill agreement with bondholders that expires on May 27, 2016. The unpaid and capitalized amount during the period comprised USD 6.3 mln, thus increasing total bonds outstanding to USD 1,166.9 mln. The company concluded it had no amount in excess of USD 180 mln in unrestricted cash balances to distribute among its bondholders.