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Volcan’s 4.375% 2026s were up by 2.3 points to 69.7 cents on the dollar after Jose Luis Manzano, head of Integra Capital (controlling shareholder of Volcan), said that the company intends to repay its loans and dollar debts and that no haircut was necessary. Last week, Glencore had sold its controlling stake in Volcan to Transition Metals AG, a subsidiary of Integra Capital. Last month, the company had pushed back a $34mn payment related to a $400mn syndicated loan to June 24 after reaching an agreement with banks. It also has a $7.9mn bond coupon coming due on August 11. Manzano added that Volcan was in advanced talks to sell its non-core assets including cement facilities and hydroelectric plants.
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