Ispat Industries gets approval to restructure 3% convertibles

New York, Nov. 19 - Ispat Industries Ltd. said bondholders approved a restructuring of its 3% euro convertible bonds.

The $122.16 million principal amount, plus $14.66 million of overdue interest up to March 31, 2004 will be paid at 25% over five quarterly installments.

As a result, bondholders will receive $34.21 million instead of the $136.82 million owing.

Interest on the new payment will be added at Libor plus 150 basis points from April 1.

The restructuring was approved at a Nov. 18 meeting, held after the original meeting was adjourned.

The Mumbai, India, steelmaker first called a bondholders meeting on Oct. 21, but there was no quorum for the meeting.

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