10:53 01.11.2019

Metinvest repays another part of pre-export financing debt of $75 mln ahead of schedule

2 min read
Metinvest repays another part of pre-export financing debt of $75 mln ahead of schedule

Metinvest B.V. (the Netherlands), the parent company of Metinvest mining and metallurgical group, has reduced its debt on pre-export financing by $75 million, to $406 million by early repayment of part of this debt.

According to the company's press release, this move exempts Metinvest from scheduled payments of the principal amount over the next few months, which will provide greater financial flexibility for the group during the period of lower steel prices.

"This payment is the planned use of part of net proceeds from the recent issue of bonds denominated in two currencies, which was made to extend the maturity of the group's eurobonds and received significant support from the global community of investors and the leading European financial institutions," the press release reads.

As reported, in April 2018 Metinvest refinanced $2.271 billion in debt, issuing two tranches of bonds in the amount of $1.592 billion and received a pre-export credit line of $765 million. This is Metinvest's largest issue of eurobonds with the lowest coupon so far and the longest maturity. It is also the largest issue of eurobonds in the Ukrainian corporate sector. The deal received significant support from the global community of investors and the leading European financial institutions. The joint managers of the transaction were Deutsche Bank, ING Bank (both London branches), Natixis (France), and UniCredit Bank (Germany).

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