Metinvest builds up three-year pre-export facility to USD 560 mln
22 April 2013
Metinvest (METINV) announced on April 18 that it increased its three-year pre-export facility — secured in November 2012 — to USD 560 mln from initial USD 300 mln, at a maintained interest rate of 5.25% over LIBOR. The increase in its credit line became possible due to the facility’s oversubscription at the stage of credit line syndication, Metinvest reported. The loan is planned to be used for CapEx and general purposes.
Roman Topolyuk: According to its 2012 financial results, the company’s gross debt to EBITDA ratio came in at 2.03x, as of December 2012. Once fully drawn, the facility may increase the ratio to 2.32x, we estimate, compared to its Eurobonds covenant of 3.0x.
