Mechel to restructure three series of bonds worth 15 bln rubles
MOSCOW. May 5 (Interfax) - Mechel intends to restructure three series of bonds worth a total of 15 billion rubles, the coal and steel group said in a press release.
"The company intends to offer holders of 17-series bonds (State registration number 4-17-55005-E, dated 10.08.2010), 18-series bonds (state registration number 4-18-55005-E, dated 10.08.2010) and 19-series bonds (state registration number 4-19-55005-E dated 10.08.2010) to introduce changes in the current payment schedule and reconsider the order of determining the coupon rate for future periods," it said.
VTB Capital , Gazprombank and Sviaz-Bank are acting as the company's restructuring agents.
The date for the bondholders' meeting will be announced separately.
Offers are due on these series at the beginning of June: series 17 and 18 on June 6 and series 19 on June 9.
The ten year bonds series 17-19, volume 5 billion rubles each, were placed in June 2011. Coupons 1-10 on all series were set at 8.4% pa.
The last time the company announced a bond restructuring ahead of offers was a year ago, following a technical default caused by insufficient funds.
Mechel has eight series of classic bonds worth 40 billion rubles outstanding.