Mechel Seeks to Restructure Ruble Bonds After Accords With Banks
- Coal and steel company plans to restructure 3 series of bonds
- Mechel in April agreed with Sberbank on debt restructuring
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Mechel PJSC, a Russian coking coal and steel producer, plans to ask the holders of three series of ruble bonds to alter the debt terms.
The company intends to offer the investors in 17, 18 and 19 series of bonds to introduce changes in the current payment schedule and reconsider the order of determining the coupon rate for future periods, Mechel said in a statement on Thursday. All three series of bonds with the total nominal value of 15 billion rubles ($228 million) were sold in 2011 and have put options in June.