Interpipe completes redemption of 2024 notes, to delist them

The international vertically integrated tube and wheel company Interpipe announced an early full redemption of its notes due in 2024 for a total of $309.192 million, meeting its obligations undertaken during debt restructuring in October 2019.

The repayment was made on January 26, 2021, according to the company's Tuesday press release.

In October 2019 Interpipe announced the restructuring of its debt, which was formalized with a new issue of notes 2024 and bank loans totaling $400 million.

Over the past year, the company made a series of partial redemptions of its notes: in January for the amount of $98.5 million, $97 million in August, $32.4 million in October, and $74.82 million in December. On January 26, 2021, the company made the final repayment of $6.5 million. In addition, the company paid off $90.8 million in bank debt.

"The company has successfully completed a difficult stage, early repayment of debt totaling $400 million. After the restructuring, the company used all available funds to pay off debt to creditors. Now, the financial condition of Interpipe is stable, which allows us to start a new page and focus on implementing the company development strategy," Chief Financial Officer at Interpipe Denis Morozov said in the press release, commenting on the situation.

The ultimate owner of Interpipe Limited is Ukrainian businessman Victor Pinchuk and his family members.

Source: www.en.interfax.com.ua