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Concorde Capital Research: Ferrexpo prepares to draw down USD 195 mln loan

December 12, 2017 | Cbonds

The shareholders of Ferrexpo Poltava Mining (FPM), the main asset of iron ore miner Ferrexpo (FXPO LN, FXPOLN), approved at a Dec. 11 EGM the company’s signing the documents necessary to finalize the arrangement of the USD 195 mln revolving pre-export facility announced on Nov. 17. In detail, FPM obtained permission to sign the suretyship deed and assignment of contracts by way of security, as well as any other documents related to the PXF facility deal.

Dmytro Khoroshun: As a result of the EGM decisions, Ferrexpo is ready to draw down the loan, which will be a critical improvement of its short-term liquidity situation. As of June 30, the company had USD 93 mln in cash and equivalents, whereas its short-term debt payout schedule amounted to about USD 326 mln, including USD 170 mln in Eurobond principal, as well as four equal USD 34 installments of the USD 135 mln outstanding in relation to the PXF loan arranged in 2013-2014 and USD 18 mln in Export Credit Agency loans.

Once Ferrexpo draws down USD 195 mln of the most recent PXF, which we expect soon, the company should have secured short-term debt repayments, including the Eurobond principal coming due on Apr. 7, 2018. Nevertheless, we retain our neutral view on Ferrexpo bonds, seeing both upside and downside risks to their price staying balanced.

Company: Ferrexpo

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


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