Viktor Pinchuk's Interpipe Holdings Plc (Interpipe) announced on Friday, October 25, the successful completion of the restructuring of the group's existing debt to its main financial creditors.
As a result of the restructuring, the existing debt of the Interpipe Group was reduced, and the remaining debt was changed and recalculated in the form of a series of new bonds and several new credit lines.
As part of the restructuring, Interpipe Holdings issued new bonds in the amount of $ 309,192,058 at 10.25% maturing in 2024 and a loan of $ 45.808 million due at the end of 2020.
In accordance with the agreed terms of the restructuring, the existing $ 200 million 10.25% Eurobond issue maturing in 2017 was redeemed (and subsequently canceled) in connection with the issuance of some of the new bonds and securities with execution. Separately, and as a condition for restructuring, the existing debt obligations of Interpipe for working capital were also written off, and the balance was refinanced into two restructured working capital objects.
In addition to the restructuring, the Group's shareholders contributed additional cash capital to Interpipe in the amount of USD 50 million and provided an additional reserve commitment of USD 20 million.
“The Group continues its activities with a focus on key strategic initiatives such as the implementation of the investment program, diversification of its geographic presence and product portfolio in order to strengthen its position as a leading manufacturer of pipes and wheels in traditional markets and increase sales. of its products on the world markets, "the company said in a press release.
In the first half of 2019, Interpipe's revenue increased by 3% to $ 557 million. Pre-tax profit (EBITDA) increased by 37% and reached $ 125 million compared to $ 91 million in 1H 2018
Interpipe Group is one of the ten largest manufacturers of seamless pipes in the world, and is the third largest manufacturer of solid-rolled railway wheels in the world. The company's products are supplied to more than 80 countries around the world through a network of sales offices located in the key markets of the CIS, the Middle East, North America and Europe. In 2018, Interpipe sold 876 thousand tons of finished products, including 189 thousand tons of railway products.
The structure of the company includes five industrial assets: "Interpipe Nizhnedneprovsk Pipe-Rolling Plant (NTZ) ", "Interpipe Novomoskovsk Pipe Plant (NMPP) ", "Interpipe Niko-Tube ", "Dnepropetrovsk Vtormet " and the electric steel-making complex "Dniprostal " under the brand "Interpipe Steel ".
