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Interpipe Ltd changes default covenants for $200m Eurobond

August 30, 2011 | RBC-Ukraine (translated by Cbonds)

The noteholders’ meeting held by Interpipe Ltd on August 5 approved amendments to documentation on the company’s $200m Eurobond regarding default clauses, according to several investment bankers. As mentioned by Olga Slivinskaya, analyst at Dragon Capital, in 2011 Interpipe increased its debt/EBITDA ratio to 5.5 from 4.5. Interpipe declined to comment on decisions made at the noteholders’ meeting. The company required revision of covenants to avoid a possible technical default, according to Andrey Gerus, head of research at Concorde Capital. The Eurobond was priced by Interpipe in 2007. In February and in August 2010 the company failed to pay interest on the issue thus entering a state of technical default. According to Fitch, Interpipe’s debt stood at $887m as of the end of 2010 with 51% thereof backed by the company’s assets and future flows.

Issue: Interpipe Limited, 10.250% 2aug2017, USD

StatusDefaultCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redemption defaultYesUkraine08/02/2017200,000,000 USD-/NR/Withdrawn

Company: Interpipe Limited

Full company nameInterpipe Limited
Country of riskUkraine
IndustryFerrous metals


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