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Interpipe offers Eurobond holders restructuring terms

Interpipe offers Eurobond holders restructuring terms

3 August 2010

Interpipe sent restructuring terms to holders of its Eurobonds due to mature on August 2, Interfax reported, citing an official letter from restructuring agent Deutsche Bank. Interpipe offered to extend the maturity of the bonds out to seven years and increase the coupon rate from 8.75% to 10.25%. Interpipe failed to make a USD 8.75 mln semiannual coupon payment on its USD 200 mln Eurobonds in February. Fitch Ratings downgraded Interpipe from ‘CCC’ to ‘RD’ (Restricted Default) in December to reflect payment default on select Interpipe bank debt and its confirmation of cross-default on major bank debt and Eurobonds. Interpipe controls Nyzhnyodniprovsk Pipe (UX: NITR UK), Novomoskovsk Pipe (UX: NVTR UK) and Niko Tube. Mykyta Mykhaylychenko: The latest available consolidated IFRS financial statements from Interpipe date from 1H08. We estimate the company’s total debt at some USD 0.9-1 bln currently, implying Debt to EBITDA of about 4-6x. At a price of 78, the YTM of the restructured bonds is 15.5% s.a.

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