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Concorde Capital Research: Metinvest decides to redeem USD 6.3 mln in PIK notes on Sept. 18

September 01, 2017 | Cbonds

Ukraine’s leading steel holding Metinvest (METINV) reported on Sept. 1 that it will allocate USD 20 mln in early repayment amount on Sept. 18 to partially reduce its debt. In particular, the holding is going to repay USD 6.32 mln in PIK notes on Sept. 18 (out of USD 26.46 mln outstanding as of Aug. 18). To do that, Metinvest will also pay USD 6.71 mln in PIYC interest for all its notes that will be accrued since its last coupon payment on Aug. 18. The holding’s next scheduled coupon payment date is Nov. 18.

Andriy Perederey: This is in line with our expectations that the holding will start repaying its PIK notes. However, we expected they would do that in November, when regular payments are scheduled. Early repayment of part of the PIK notes will allow the holding to save USD 0.1 mln of interest costs this coupon period. These aren't huge savings, so the move is rather an expression of Metinvest’s intention to repay all its debt as soon as possible. The move is supportive of our bullish view on Metinvest bonds.

Company: Metinvest

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


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