11:41 06.04.2018

Metinvest places five-year $825 mln eurobonds at 8% per annum, eight-year $525 mln bonds at 8.75% per annum

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Metinvest places five-year $825 mln eurobonds at 8% per annum, eight-year $525 mln bonds at 8.75% per annum

Metinvest mining and metal group has placed eurobonds under the 2012 eurobond refinancing program and pre-export financing facility ((PXF-financing): $825 million bonds due on April 23, 2023 and $525 million bonds due on April 23, 2026.

According to information in the Bloomberg system, five-year bonds were placed at 98.986% of their face value. Taking into account the coupon of 7.75%, yield for them is 8% per annum.

The eight year bonds were placed at 98.583% of their face value. Taking into account the coupon of 8.5%, yield for them is 8.75% per annum.

As reported, on March 19 Metinvest offered the holders of eurobonds circulating in the market, the total nominal volume of which is $1.187 billion, to redeem the securities ahead of schedule.

The group at the initial stage of the offer received proposals for the buyback of eurobonds for $1.068 billion. In addition, the holders of eurobonds worth $1.149 billion agreed to amend the terms of their circulation.

The deadline for applications for redemption expires at 16:00 London time on April 19, 2018.

Metinvest also reported on achieving agreement with the creditors, who provided PXF-financing, on the revision of the terms of loans, including their extension.

Synchronously the group announced the issue of new bonds.

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