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Concorde Capital Research: Ferrexpo increases PXF to USD 400 mln, extends tenor to four years

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.

Company: Ferrexpo

Full company nameFerrexpo plc
Country of riskUkraine
Country of registrationUnited Kingdom
IndustryFerrous metals

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