Abramovich-Backed Steelmaker Evraz Pays Bondholders on Time
(Bloomberg) -- Steelmaker Evraz Plc, partially owned by sanctioned Russian billionaire Roman Abramovich, paid interest to bondholders on time, according to people familiar with the matter.
Evraz was due to wire a $18.4 million coupon to the holders of its dollar-denominated bond maturing in 2024 on Monday. The funds reached the paying agent BNY Mellon, which processed them, said the people, who asked not to be named because they aren't authorized to speak publicly. At least one bondholder confirmed they received the payment.
Most Russian companies have met their debt obligations since the beginning of the war in Ukraine and the tightening of economic measures against the country, although some borrowers have struggled to get payments through to investors because of their connections to sanctioned entities and individuals.
A separate coupon payment due last month by Evraz was temporarily frozen by correspondent bank Societe Generale New York because Abramovich, subject to restrictions in the European Union and the U.K., is the largest shareholder in the firm with a 28.6% stake.
Citi's Caution Threatens to Send More Russian Debt Into Default
Spokespeople at Evraz and BNY Mellon didn't immediately reply to a request for comment.
Western measures against Abramovich left his assets frozen and the future of his football club Chelsea FC uncertain. Evraz, a firm based in London with assets in Russia, North America, Czech Republic and Kazakhstan, isn't directly affected by sanctions as Abramovich doesn't have effective control over it, the company said last month.
Yet, the restrictions on the Russian economy forced it to cancel plans for a demerger of its coal assets, as they made its implementation “technically impossible,” the company said in a statement on Friday.
©2022 Bloomberg L.P.
With assistance from Bloomberg
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