Sibur to shift peak debt payments from 2018 to 2020, buying back portion of Eurobonds
MOSCOW. Nov 17 (Interfax) - Sibur will shift its peak debt payments from 2018 to 2020, according to a company presentation on consolidated financial reporting.
According to the presentation on H1 financial results, next year Sibur had to pay back 18 billion rubles in debt, but the new figure is 21 billion rubles. In 2018 the company has to pay back 55 billion rubles, in comparison to 75 billion rubles before and in 2019 the company has to pay back 53 billion rubles, compared to 58 billion rubles earlier. In 2020 the company should pay back 63 billion rubles, instead of 46 billion rubles. By the end of 2016 the company should pay back 5 billion rubles.
The main part of the debt in 2018 is made up of Eurobonds. Sibur CFO Aleksander Petrov said during a conference call with investors that the company bought bonds of about $200 million. He was not ready to comment on the possibility of future access to capital markets.
One of the holders of Sibur Eurobonds has expressed his readiness to buy the bonds for 192.8 million at an offered put option of $350 million.
The total amount of that issue is $1 billion with a coupon rate of 3.914% per annum.