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Concorde Capital Research: Metinvest to finalize restructuring and refinancing today

April 23, 2018 | Cbonds

Metinvest (METINV), Ukraine’s largest steelmaker, announced on Apr. 20 that the holders of 90% (USD 1,070 mln out of USD 1,187 mln outstanding) of its METINV'21 Eurobond tendered their notes for purchase by the final deadline, Apr. 19, within the terms of the restructuring and refinancing deal proposed by Metinvest on March 19. The company reported that it decided to accept the entire amount for purchase because all the conditions of its offer had been satisfied.

The deal will be finalized today, Apr. 23, which will include amending the terms of the METINV'21 Eurobond, as well as settling the issuance of the METINV'23 and METINV'26 Eurobonds and the purchase of the METINV'21 Eurobond, Metinvest said.

Dmytro Khoroshun: The amount of the METINV'21 Eurobond outstanding after the deal will be USD 117 mln, and this note will be much less liquid than the newly issued Eurobonds. Namely, the amounts outstanding are USD 944.5 mln for METINV'23, comprising USD 825 mln issued on Apr. 4 plus USD 120 mln issued afterwards (likely to PXF creditors) and USD 647.7 mln for METINV'26 (USD 525 mln issued on Apr. 4 plus USD 123 mln afterwards), according to Bloomberg.

Recall, as a result of the amendments to the terms and conditions of the METINV'21 Eurobond it will become a bullet-redemption note with semi-annual coupon of 7.5% p.a.

We view the deal as an outstanding success for Metinvest because the holding managed not to overpay for the METINV'21 Eurobond (the price of 105.25% is at the very low end of our 104.9-109.1% range for the fair value) and to place its new Eurobonds at low spreads to Ukraine’s sovereign curve (120-150 bps).

Issue: Metinvest, 7.75% 23apr2023, USD

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingUkraine04/23/2023825,000,000 USDB-/-/-

Company: Metinvest

Full company nameMetinvest B.V.
Country of riskUkraine
Country of registrationNetherlands
IndustryFerrous metals


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