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Concorde Capital Research: Metinvest reports restructuring and refinancing results

April 24, 2018 | Cbonds

Metinvest (METINV), Ukraine’s largest steelmaker, announced on Apr. 24 the results of the restructuring and refinancing deal it announced on March 19. Among the previously unavailable details was the USD 765 mln total amount outstanding of the PXF after the deal. Metinvest confirmed that some PXF lenders decided to switch into new Eurobonds, which resulted in the final issuance amounts of USD 944.5 mln for METINV'23 and USD 647.7 mln for METINV'26. Metinvest also reported that the new incremental proceeds from the deal amounted to approximately USD 205 mln.

Following the deal's completion, Metinvest plans to focus on implementing its Technological Strategy 2030, the holding’s CEO said.

Dmytro Khoroshun: The USD 205 mln net incremental proceeds figure is likely based on nominal amounts, whereas we calculate the net cash-in amount, considering issue price discount for new Eurobonds – as well as consent and early tender fees (but before adviser and PXF lender fees, which remain undisclosed) – is about USD 130 mln.

Issue: Metinvest, 8.5% 23apr2026, USD

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingUkraine04/23/2026525,000,000 USDB-/-/-

Company: Metinvest

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


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