Final yield benchmark for seven-year eurobonds of Metinvest set at 7.95-8.05% - source
The final benchmark for the yield of seven-year eurobonds of Metinvest with the expected volume of $ 300 million has been set at 7.95-8.05%, a source in banking circles has told Interfax-Ukraine.
He noted that the initial target was about 8.5%, and then was reduced to 8.25%.
The source added that the demand for bonds exceeded $ 1.6 billion.
Earlier, on September 15, Metinvest, the largest Ukrainian mining and metallurgical holding, offered to buy back its eurobonds maturing in 2021 and 2023 for a total amount of up to $ 290 million (including, inter alia, commissions for tenders), in particular through the issue of new eurobonds.
The purpose of the offer is to proactively manage and extend the maturity of the issuer's debt, and leverage favorable market conditions to refinance bonds to provide a more stable and long-term capital structure with a lower refinancing risk, the company said on the website of the Irish Stock Exchange.