You're reading: Interpipe offers to restructure 2010 notes for seven years at 10.25% per annum

Ukrainian pipe and wheel producer Interpipe has offered the holders of its notes that fell due on August 2, 2010, to extend the maturity of the notes by seven years and increase the interest rate payable on the notes to 10.25% from 8.75% per annum.

"A meeting of noteholders is being convened for September 17, 2010 to consider certain waivers of events of default and potential events of default contained in the notes, and modifications of the notes and the Loan Agreement dated July 20, 2007, between the issuer and the borrowers," reads an official letter of Deutsche Bank, which is the tabulation agent for the restructuring project.