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Concorde Capital Research: Metinvest pays 30% of coupon for July

August 09, 2016 | Cbonds

Ukraine’s largest steelmaker and iron ore miner Metinvest (METINV) announced it paid 30% of the accrued coupons on its three Eurobonds, or USD 2.8 mln, while capitalizing the rest of the accrued amount (USD 6.4 mln), in accordance with the terms of its standstill agreement with creditors. The company determined that the average unrestricted cash in July of USD 161 mln was below the threshold of USD 180 mln, above which Metinvest would be required to distribute an additional amount of cash among creditors.

Metinvest’s total principal outstanding in Eurobonds increased 0.5% m/m to USD 1,189 mln because of the capitalization.

Roman Topolyuk: As Metinvest’s monthly preliminary financial reports imply, the company has been investing in its working capital in April-May after having squeezed liquidity out of its working capital during the preceding six months, when its financial performance was worse (EBITDA was negative between November 2015 and January 2016). Now, investments in working capital have been tying up otherwise superb operating cash flow, which is keeping cash on the balance sheet below USD 180 mln. Metinvest may continue this practice during the next couple of months. If steel and iron ore prices remain firm, the level of payout to creditors should increase. Our view on Metinvest’s Eurobonds remains positive.

Company: Metinvest

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


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