Amtel-Vredestein Eurobond Plans may be Shelved

The new CEO of Amtel-Vredestein has indicated that the company’s plans for a debut eurobond issue of 150 million euros may be dropped. Petr Zolotarev, who began his new role on July 1 following the resignation of Alexei Gurin, told the news agency Reuters that “It may happen that the eurobonds will hamper the company’s restructuring.” However he added that the final decision had not as yet been taken.

The eurobond release was planned in order to re-finance existing debt, and financial services group Nomura International was to manage the sale of the three-year eurobonds, due on sale June 30. Amtel-Vredestein has debt of around 475 million euros, which arose from the company’s numerous past acquisitions, and Zolotarev is eager to return the company to the black. “We need a revision in our development strategy,” he stated.