MOSCOW, 4 February. The total amount of the restructured debt of “Mechel” of $5.1 billion or 80% of the total debt and includes only the major creditors of the company – Sberbank ($1,267 billion), Gazprombank ($1,793 billion), VTB ($1,068 billion) and a syndicate of international banks ($1,004 billion). The maturity of the debt extended until 2017-2022, this is stated in the message of “Mechel”.
All the figures on debt are shown as at 30 September 2015. Used course 66,24 rubles for 1 dollar, it is noted in the presentation.
All debt owed to Gazprombank, and VTB will be converted into rubles. While the share of ruble debt will rise from 35% to 60%.
“Interest rates are tied to LIBOR and the key rate of the CBR is extremely volatile rates MosPrime”, – stated in the presentation. Due to partial capitalization of interest, ruble interest payments will be paid based on the rate of 8.75% per annum, instead of the current 12,5%-14,5%.
The creditor banks also agreed to write off most of the accrued fines and penalties, according to Mechel.
After the restructuring of “Mechel” will be required to pay in 2016 is $551 million, in 2017 $624 million in 2018-2019. – $690 million, 2020 – $1,074 billion, and after 2020 – the remaining amount of $1.5 billion.
Today, the company has delayed the payment of $1.3 billion, in the 1st quarter of 2016, she needs to pay another $2.08 billion, from the presentation of “Mechel”.
As security for its obligations under the debt restructuring the company offers property and equipment, stocks of principal subsidiaries and guarantees of operating subsidiaries, stated in the presentation.
It became known today that the Board of Directors of “Mechel” recommended to the General meeting of shareholders to be held on March 4, 2016, to approve transactions to refinance its debt. Under current law, such transactions can be approved only if they receive more than half of minority shareholders.
Also “a Mechel” has nominated 3 new Directors to the Board of 9 people, including the representative of Gazprombank Tigran Khachaturov.
Khachaturov already holds the position of adviser to the General Director of “Mechel” in Finance. Earlier media reported that Khachaturov is an Advisor to the Chairman of the Board of Gazprombank and will supervise the company by the creditor banks.
“Mechel” unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, production high conversion, thermal and electrical energy. The company employs about 67 thousand people. Chairman of the Board of Directors “Mechel” Igor Zyuzin and his relatives control 67,42% stake in the company.