OREANDA-NEWS. Mechel PAO , one of the leading Russian mining and metals companies, announces the decisions made at the general meetings of the holders of the company’s 17, 18 and 19-series bonds regarding changes to the current repayment schedule and the interest rate for future periods.

The bondholders have approved by absentee ballot the new restructuring parameters for the 17th, 18th and 19th series bonds (state number 4-17-55005-E dated 10.08.2010, state number 4-18-55005-E dated 10.08.2010 and state number 4-19-55005-E dated 10.08.2010 respectively). The approved parameters include amortization of debt until 2021 and the coupon rate as the average between the Central Bank of Russia’s key rate plus 2.5% and a fixed figure determined for each year (annual decrease by 100 basis points from 13.5% to 9.5%). Over 75% of holders of each series voted in favor of the offered conditions.

VTB Capital AO, Gazprombank AO and AKB Svyaz-Bank PAO acted as the company’s agents for the bonds’ restructuring.

“The conditions approved by bondholders enable us to have a debt repayment schedule without a significant outflow from the group’s operational cash flow. We are grateful to our bondholders for their willingness to accommodate the company and the restructuring agent banks for the result they achieved and their supreme effort,” Mechel PAO’s Chief Executive Officer Oleg Korzhov noted.