Metinvest B.V. (Netherlands), the parent company of an international vertically integrated mining and metallurgical group, made a scheduled coupon payment on its 2027 Eurobonds.
As the group’s press service reported on Wednesday in response to a request from the “Interfax-Ukraine” agency, the payment was made on time, despite unprecedented challenges that have pushed the steel industry to the brink of survival.
“The aggressor’s blockade of Black Sea ports is limiting the volume of raw material and finished product shipments. At the same time, Ukrzaliznytsia has raised freight rates by 30%, which has increased the share of rail costs in the cost of metallurgical products by 2–3 times. And all of this is taking place against the backdrop of European restrictions, such as the introduction of CBAM and import quotas on Ukrainian steel into the EU, which have significantly reduced the group’s export opportunities,” the statement notes.
At the same time, it is noted that despite these critical obstacles, the group continues to diligently service its debt portfolio to preserve the ability to finance the restoration of its assets after the war and help the country recover more quickly from its aftermath. Since the start of the full-scale invasion, Metinvest has reduced its debt burden by $1 billion, the press service’s response emphasizes.
The current coupon payment dates for the 2027 Eurobonds are September 1. “Coupon payment dates are March 1 and September 1 of each year,” states the information regarding the 2027 bonds. The coupon rate is 7.650% per annum.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its facilities are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in the European Union, the United Kingdom, and the United States.
The holding company’s main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
Metinvest B.V. (Netherlands), the parent company of an international vertically integrated mining and metallurgical group of companies, has paid another coupon on its 2029 Eurobonds and continues to fulfill its debt obligations, including to Eurobond holders, despite the war in Ukraine.
“We can confirm that the coupon was paid on time,” Andriy Burlakov, head of the Metinvest Group’s press service, told Interfax-Ukraine in response to a request.
The coupon payment date for Eurobonds-2029 is November 17.
“The coupon payment dates are May 17 and November 17,” according to the information on the 2029 bonds.
The coupon rate is 7.750% per annum.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its enterprises are located in Ukraine – in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions – as well as in the European Union, the United Kingdom, and the United States.
The main shareholders of the holding company are SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the managing company of the Metinvest Group.
Metinvest paid the coupon on Eurobonds-2029 despite the war
State-owned Oschadbank (Kyiv) on September 10, 2018 paid the $32.8 million coupon on restructured $700 million eurobonds in full amount and in accordance with the issue terms, the press service of the bank has told Interfax-Ukraine.
The yield on eurobonds is accrued and paid twice a year – on March 10 and September 10.
As reported, in 2015, Oschadbank restructured eurobonds maturing in 2016 and 2018 for a total of $1.2 billion. Under the agreement, eurobonds were issued for the amount of $700 million due on March 10, 2023 and with the yield of 9.375% per annum, for $332.914 million due on March 20, 2025 and the yield of 9.625% per annum and $167.086 million due on March 20, 2025 and the yield 8.25% per annum.
In addition, eurobonds were issued for $100 million with maturity up to 2024 after restructuring the subordinated loan for the corresponding amount.
Oschadbank was founded in 1991. Its only owner is the state.
Oschadbank ranked second among 84 banks operating in the country on June 1, 2018 in terms of total assets (UAH 236 billion), according to the National Bank of Ukraine.
