Metinvest reports restructuring and refinancing results

Metinvest (METINV), Ukraine’s largest steelmaker,
announced on Apr. 24 the results of the restructuring and refinancing
deal it announced on March 19. Among the
previously unavailable details was the USD 765 mln total amount outstanding of
the PXF after the deal. Metinvest confirmed that some PXF lenders decided to
switch into new Eurobonds, which resulted in the final issuance amounts of USD 944.5
mln for METINV’23 and USD 647.7 mln for METINV’26. Metinvest also reported that
the new incremental proceeds from the deal amounted to approximately USD 205
mln.

Following the deal’s completion, Metinvest plans to
focus on implementing its Technological Strategy 2030, the holding’s CEO said.

Dmytro Khoroshun: The USD 205 mln net incremental proceeds figure is likely based on
nominal amounts, whereas we calculate the net cash-in amount, considering issue
price discount for new Eurobonds –  as well as consent and early tender
fees (but before adviser and PXF lender fees, which remain undisclosed) – is
about USD 130 mln.