Ukraine’s largest pipe and railway wheel producer Interpipe (INTHOL) will redeem at par USD 97 mln of its 2024 notes on Aug. 25, according to the company’s Aug. 14 announcement filed with the Luxembourg stock exchange.
After this early redemption, the amount outstanding of INTHOL’24 notes will be USD 113.7 mln, according to Concorde Capital calculations.
Recall, in January Interpipe redeemed USD 98.5 mln of its INTHOL'24 notes.
Dmytro Khoroshun: Interpipe will save about USD 10 mln per year in interest payments due to this redemption, which is a good-enough reason for this move. The company’s strong liquidity position, reported at USD 190 mln in mid-June, should allow Interpipe to finance the redemption fully with its own funds.