Brazil’s Magnesita sets call for $63.3 million 7 7/8% notes due 2020

By Susanna Moon

Chicago, Jan. 31 – RHI Magnesita NV said that Magnesita Refratarios SA issued a redemption notice through its wholly owned subsidiary Magnesita Refractories Co. for $63.3 million of outstanding 7 7/8% senior notes due March 2020.

The notes will be redeemed on March 30 at a price of par plus accrued interest.

“This initiative is in connection with company's focus on strengthening its financial position, improving free cash flow and reducing its interest expenses,” according to a company announcement.

RHI Magnesita is based in Vienna and is the result of the combination of RHI and Magnesita to form the supplier of high-grade refractory products, systems and services.

As previously announced by Magnesita Refractories Co., investors had tendered $222,116,000 principal amount, or 77.25%, of its outstanding 7 7/8% senior notes due 2020 in the tender that ended on Aug. 13, 2015.

Magnesita Refratarios SA is an Itaim Bibi, Brazil-based supplier of refractories and minerals for the steel, cement and glass industries.

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