Metinvest offers to exchange its 2015 notes for cash and new notes
21 October 2014
Ukraine’s leading iron ore and steel producer Metinvest (METINV) has offered to exchange its USD 500 mln Eurobonds maturing in May 2015 into cash and new notes, the holding announced on Oct. 21. It has offered to exchange each dollar of existing Eurobonds into 20 cents of cash and 80 cents of new notes. The new notes would have a 10.5% coupon rate (compared to 10.25% for existing notes) and will mature on Nov. 24, 2017.
The holding will accept offers to exchange the existing notes if at least USD 450 mln of them will be offered. The deadline for accepting the offer is Nov. 18, while the early exchange deadline is Oct. 31 (those meeting the deadline might be eligible to receive an early instruction fee of one percent).
