KIEV, Aug. 2 – 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%.

Interpipe in July 2007 handled a debut issue of notes worth $200 million at 8.75% per annum and falling due on August 2, 2010.

"A meeting of noteholders is being convened for September 17 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.