Severstal fails to pay coupon on Eurobonds 2024 over sanctions

MOSCOW, Sep 16 (PRIME) -- Russian steelmaker Severstal was not able to fulfill its obligations to pay a coupon on U.S.$12.6 million on the issue of Eurobonds with maturity in 2024 because of sanctions, the company said in a statement on Friday.

“As previously reported, due to the restrictions imposed on Severstal by foreign states, it is currently impossible to continue servicing obligations in accordance with the procedure provided for in the underlying eurobond documentation,” the statement read.

According to the statement, the regular coupon payment is due on Friday.

The company also said that it is ready to fulfill its obligations, has sufficient funds for this and is making every possible effort in the current circumstances.

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