Metinvest ends discussions with note holders on maturity extension, to explore alternative options

The Metinvest mining and metals group has in recent weeks been actively engaged in limited discussions with certain holders of its notes (the Ad Hoc Group, AHG), which collectively hold more than 50% of the 2026 and 2027 bonds and more than 35% of the 2029 bonds, with the aim of reaching an effective long-term extension of their maturities. However, no final agreement was reached.

Despite lengthy and constructive discussions, during which the positions of the parties narrowed significantly, Metinvest and the AHG were unable to reach a final agreement on the terms of the proposed transaction and decided to discontinue the limited discussions, the group said in a stock exchange filing on Tuesday.

According to the statement, the group intends to explore alternative options to address issues related to future bond maturities, including through market refinancing transactions or alternative liability management operations.

Metinvest will continue to engage constructively with all interested parties and will inform the market and bondholders of further developments in accordance with its disclosure obligations, the statement said.

The Ad Hoc Group informed Metinvest that it remains fully willing to re-engage with Metinvest on a constructive basis.