Mechel board to mull exchange bond program on Tue
January 30, 2017 Prime
The board of directors of metals and mining group Mechel will consider approving an exchange bond program on Tuesday, the company said in a statement on Monday.
“An exchange bond program is a new tool proposed by the stock exchange, which provides a wide potential for attraction of financing with a goal of debt restructuring. The company is interested in bond placement as soon as such market opportunity comes to hand,” a representative of the company told PRIME.
In December 2016, Mechel said it had completed restructuring of its debt to state-run creditors VTB, Gazprombank and Sberbank. The agreement allowed the company to reduce interest rates, raise the ruble component of the loans and postpone the repayment.
Restructuring of foreign debt and syndicated loans of foreign investors is planned as the next stage of Mechel’s debt settlement.
Company — Mechel
Full nameMechel PAO