Metinvest capitalizes $6.27 mln interest on restructured eurobonds
Metinvest mining and steel group has capitalized $6.268 million interest income on restructured eurobonds maturing in 2016-2018.
According to a report by the issuer on the website of the Irish Stock Exchange, the said interest income was accrued for the period from January 21 to February 15, 2016 and has not been paid due to a lack of excess available funds, which in February 2016 would exceed $180 million.
As a result of capitalization the nominal volume of the eurobond issue maturing in 2016 grew by about $518,411, to $87.221 million, 2017 eurobonds by $1.803 million, to $296.162 million and 2018 eurobonds by $3.947 million, to $777.225 million.
The company said that the register for the relevant interest was closed on March 3.
As reported, Metinvest at the end of December 2015 appealed to the holders of its eurobonds to endorse the introduction until May 27, 2016 of a moratorium on any payments on the securities. During the validity of the moratorium the company intends to achieve an agreement on the restructuring of these eurobonds, as well as pre-export financing in the amount of $1.089 billion.
