RUSAL asks Eurobond holders to agree on coupon payment delay

MOSCOW, Jul 12 (PRIME) -- Russian aluminum giant UC RUSAL has asked the holders of its two 2023 Eurobond issues in the amount of U.S. $500 million each to agree on a delay of coupon payments due to significant disruptions in the payment system, the company said in a statement on Tuesday.

The disruptions were caused by anti-Russian sanctions and Russia’s response to them, the company said. It is developing a solution to ensure that all holders receive principal and interest, the company added.

“As implementation of the solution is unlikely to be completed before the next interest payment date, August 1, 2022 for bonds maturing in February 2023, November 2022 and also May 2023, the company is seeking the holders' consent to postpone the coupon payment,” the company said.

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