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Magnezit Group restructures 78% of Series 02 bonds

May 04, 2009 | Cbonds

ZAO Raiffeizenbank acting as agent on debt restructuring and OOO Magnezit Group have reached agreements with over 60 bondholders on restructuring Series 02 bonds of Magnezit Group. The amount of bonds is RUR1.934bn which makes 78% of the overall amount of bonds submitted for buyback in the framework of a put option.

On April 30, the issuer bought back 50% of bonds from investors consenting to restructuring terms in accordance with restructuring documentation.
The issuer continues talks with other bondholders and hopes to reach an agreement with them in the near term.

The issue worth RUR2.5bn had a put option on April 3, 2009. The company failed to settle it due to unfavourable financial market conditions and a sharp decline in orders for fireproof products and offered bondholders a debt restructuring scheme.

Issue: Magnezit Group, 02

StatusDefaultCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redeemedYesRussia03/28/20112,500,000,000 RUB-/-/-

Company: Magnezit Group

Full company nameMagnezit Group
Country of riskRussia
Country of registrationRussia
IndustryFerrous metals


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