Metinvest mining and metallurgical group has offered the holders of eurobonds with maturity till December 31, 2021 to redeem the securities ahead of schedule. According to a report by the holding on the website of the Irish Stock Exchange (ISE), currently 2021 eurobonds worth $1.187 billion are in circulation. The group is ready to buy the entire issue.
The initial stage of accepting applications ends at 16:00 London time on April 3, 2018. At this stage, the group proposes buying out 2020 eurobonds at 100.5% of the nominal value and is ready to pay extra 1% of the face value for consent and 3.75% of the face value for early consent.
The deadline for submitting applications is 16:00 London time on April 19, 2018. Along with the redemption, the issuer will pay accrued interest.
Metinvest also reached agreement with the creditors, who provided pre-export financing (PXF financing), about the revision of the terms of the loans, including their extension. At the same time, the group announced the issue of new securities. Metinvest intends to use the funds obtained in such a way to buy out 2021 eurobonds, refund PXF financing, as well as cover all related costs.
