August 09, 2018 | Cbonds
|Ukraine’s largest iron ore pellet exporter Ferrexpo (FXPO LN, FXPOLN) increased the PXF facility it arranged in November to USD 400 mln from USD 195 mln, the company reported in its Aug. 9 filing. The tenor of the facility was increased to four from three years with a grace period of one year before quarterly amortizations, while the margin to USD Libor remained unchanged at 450 bps.|
Dmytro Khoroshun: This news comes as no surprise after Ferrexpo discussed the possibility of taking on more PXF loans at a June analyst meeting. The repayment of USD 173 mln Eurobond principal in April 2019 now looks secured.
We retain our neutral view on FXPOLN Eurobonds.
|Full company name||Ferrexpo plc|
|Country of risk||Ukraine|
|Country of registration||United Kingdom|