Petropavlovsk Says Received Indications Banks to Waive Covenants
2014-07-04 07:22:05.332 GMT
By Tim Barwell
July 4 (Bloomberg) -- Comments in presentation on company
website.
* Says it’s in a dialogue with senior lenders, has received
non-binding indications that the required waivers and
extensions will be granted as part of a refinancing
* Main lenders are Sberbank, VTB
* Key financial covenants are net debt/Ebitda, Ebitda/interest
cover; will breach these in Dec. 2014 without successful
refinancing
* Also needs to repay $310.5m of a guaranteed convertible bond
issue, due Feb. 15; co. repeats that it’s in talks to extend
this
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To contact the reporter on this story:
Tim Barwell in London at +44-20-7073-3512 or
tbarwell@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
2014-07-04 07:22:05.332 GMT
By Tim Barwell
July 4 (Bloomberg) -- Comments in presentation on company
website.
* Says it’s in a dialogue with senior lenders, has received
non-binding indications that the required waivers and
extensions will be granted as part of a refinancing
* Main lenders are Sberbank, VTB
* Key financial covenants are net debt/Ebitda, Ebitda/interest
cover; will breach these in Dec. 2014 without successful
refinancing
* Also needs to repay $310.5m of a guaranteed convertible bond
issue, due Feb. 15; co. repeats that it’s in talks to extend
this
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Tim Barwell in London at +44-20-7073-3512 or
tbarwell@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net