Metinvest receives applications for buyback of over 90% of 2021 eurobonds after making offer
The Metinvest mining and metal group after making an offer to buy back 2021 eurobonds has received applications for $1.07 billion, the group reported on the Euronext Dublin last week.
The group earlier said that on March 19, when the offer was made, 2021 eurobonds worth $1.187 billion were outstanding. Thus, after the buyback it is likely that 2021 eurobonds worth $117.024 million will be left outstanding.
Metinvest said that the group is to pay to eurobond holders on April 23. The issuer will also pay the accrued coupons.
Taking into account the consent to change the conditions for 2021 eurobonds given earlier, from April 23, 2018 the coupon for outstanding notes will be cut to 7.5% from 10.875% per annum.
The co-managers of the deal were Deutsche Bank, ING Bank (London divisions), Natixis (France) and UniCredit Bank (Germany).
The Metinvest Group is a vertically integrated group of steel and mining companies that manages every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. It comprises steel and mining production facilities located in Ukraine, Europe and the United States, as well as a sales network covering all key global markets.