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08.02.10 Interpipe misses Eurobond coupon payment – Interfax

Interfax on Friday reported Interpipe Ltd failed to pay an US$ 8.75mn coupon on its US$ 200mn Eurobonds (INPIP), which is to mature in August 2010. The pipe and railcar wheel producer said it will comment on the issue today. In mid-January, Interpipe announced it reached Lock-Up and Support Agreements with holders of 74% of the notes. Under terms of the agreements, noteholders were not to engage in actions that may invoke cross-default clauses until February 2. Holders who agreed to terms will receive US$ 2.5 on every US$ 1,000 of notes, but only if holders of 75%+1 of all bonds (US$ 150mn+1) agree to terms. In addition, Interpipe proposed that holders who already approved the Lock-Up and Support Agreements revise the Long-Stop Date from February 2 to 28.

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