Metinvest BV plans to postpone the repayment of $2.2 billion of debt to 2021 after securing a provisional agreement with banks and bondholders following more than a year of negotiations.

The Ukrainian steel company intends to extend $1.07 billion of pre-export finance facilities to June 2021, and $1.12 billion of bonds maturing in the next two years to December 2021, it said in a statement, citing a non-binding accord with groups representing creditors.

Donetsk-based Metinvest is struggling to repay borrowings due to a plunge in steel prices and war damage at steel plants and facilities in eastern Ukraine. The company started negotiations with banks and bondholders in 2015 as revenues collapsed, leading to a suspension of some debt payments in January.

The company said it will apply to extend a debt-payment moratorium to as late as Nov. 30 to give it time to finalize the restructuring plan. The first hearing is set to take place in London on June 8.

Under the plan, Metinvest, owned by Ukraine’s richest man Rinat Akhmetov, will pay a minimum cash interest of 2.8 percent on the bonds before switching to the full rate of 10.875 percent in December 2018. There will also be partial-cash interest payments on bank loans for the next two and a half years.

Excess cash may be transferred to creditors, limiting the possibility of paying dividends, according to the statement.

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