Metinvest prepays part of PXF facility

Metinvest (METINV), Ukraine’s largest steelmaker, has
prepaid USD 75 mln of its pre-export finance (PXF) facility ahead of schedule,
the holding said in an Oct. 31 release. Following this prepayment, the
remainder due under the PXF facility is USD 406 mln, Metinvest said.

According to Metinvest’s 1H19 presentation, as of June
30 the amount due under the PXF facility was USD 527 mln, we calculate, with
USD 77 mln payable in 2H19.

Dmytro Khoroshun: We continue
to think that Metinvest might pay a substantial amount (USD 300-450
mln) of dividends in 2H19.

We maintain our bullish view on METINV bonds.