Metinvest intends to fully repay 2026 eurobonds, price rises to 98.5% of par
Metinvest B.V. (the Netherlands), the parent company of the Metinvest mining and metallurgical group, has announced its intention to fully redeem Eurobonds totaling $428 million with an 8.5% annual coupon, which mature on April 23, 2026. According to the Stuttgart Stock Exchange, the bonds have risen in price to 98.5% of par.
"The group intends to fully repay the bonds but will continue to seek opportunities to access debt markets in the future," Metinvest said in a press release on its website in connection with the publication of its 2025 financial results.
Over the past month Metinvest has explored refinancing options and resumed negotiations with the largest bondholders to extend the maturity of part of the outstanding eurobonds due in April 2026.
According to the Stuttgart Stock Exchange, previously the 2026 eurobonds were quoted at around 96.8% of par, while currently the bid price stands at 98.48% of par and the ask price at 99.73%.
In its annual report published on Friday, April 10, Metinvest допускает that it could manage to issue new bonds to refinance payments on the 2026 eurobonds. These expectations were based on recent market transactions indicating investor interest in Ukraine-related groups (in January–February, agricultural and food holding MHP placed three-year eurobonds worth $550 million).
According to the report, Metinvest reduced its total debt by 15% in 2025, from $1.705 billion to $1.441 billion, and is due to repay $470 million in 2026, of which $428 million relates to the 2026 eurobonds.
The group said that the repayment amounts are presented excluding accrued interest, fees, commissions and discounts, revolving trade finance, and lease liabilities.
In 2027, Metinvest is due to repay $351 million, including $332 million on 2027 bonds with a 7.65% annual coupon; in 2028 – $18 million; and in 2029 – $550 million, including $500 million on 2029 eurobonds with a 7.75% annual coupon.
At the end of last year, eurobonds accounted for 88% of the debt structure, capital investment financing for 5%, trade finance for 2%, and other liabilities for 5%.
The company also noted that its net debt slightly increased in 2025, to $1.065 billion from $1.048 billion.
The presentation recalls that in the first half of 2025 the group, among other things, fully repaid EUR 300 million in eurobonds, and since the beginning of 2022 has repaid a total of $801 million in debt.
In July 2025, the group secured an 11.5-year credit facility totaling EUR 23.6 million for Northern Mining to finance the purchase of equipment for a tailings thickening project. The facility is covered by the Finnish export credit agency Finnvera.
As reported, over the past month Metinvest has explored refinancing options and resumed negotiations with major bondholders to extend the maturity of part of the outstanding senior notes due in April 2026. Ultimately, the group intends to fully repay the bonds but will continue to seek access to debt markets in the future.
Metinvest reduced revenue by 6% in 2025 compared with the previous year, to $7.242 billion, EBITDA by 24.2% to $765 million, and net loss increased sixfold to $191 million. At the same time, the company recorded operating profit of $319 million and profit before tax of $77 million compared with an operating loss of $858 million and a pre-tax loss of $1.138 billion a year earlier.
Metinvest CEO Yuriy Ryzhenkov described the group’s approach as a "disciplined and responsible approach to debt management."
"Between 2022 and 2025, we reduced total debt by approximately $800 million, to $1.441 billion as of December 31, 2025. This is a significant achievement given the extraordinary circumstances in which we operated," the CEO said.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its assets are located in Ukraine – in Donetsk, Luhansk, Zaporizhia, and Dnipropetrovsk regions, as well as in the European Union, the United Kingdom, and the United States. The main shareholders of the holding are SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the managing company of the Metinvest Group.
