Bonds of Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metals group, due in 2027, is included in in the JPMorgan Corporate Emerging Markets Bond Index (CEMBI) series.
According to the company’s press release issued on Wednesday, the CEMBI indices provide a global benchmark tracking U.S.-dollar-denominated debt issued by emerging market corporations.
At the same time, the eurobond due in 2027 was issued on October 1, 2020 following the successful completion of a liability management exercise to extend the maturity of the group’s outstanding eurobonds. It met the criteria to be included in the CEMBI Broad and CEMBI Broad Diversified high-yield indices after a regular review on October 30, 2020. As a result, Metinvest’s U.S.-dollar-denominated eurobonds are all included in these two indices for the high-yield segment.
In addition, the eurobond due in 2029, which was issued on 17 October 2019, has effectively replaced the eurobond due in 2023 in the CEMBI and CEMBI Diversified high-yield indices after the size of the latter decreased to below $500 million.
The income of Metinvest B.V. (the Netherlands), the parent company of the Metinvest mining and metallurgical group, in August 2020 decreased by 7.9%, or $72 million, to $838 million from $910 million, compared to the previous month.
According to the published preliminary unaudited consolidated monthly results of the company’s financial statements, the overall rate of EBITDA amounted to $216 million in August, which is $12 million more than in July ($204 million), while EBITDA from participation in the joint venture was $48 million (in July $30 million).
According to the report, the adjusted EBITDA of the metallurgical division of the group for August 2020 amounted to ‘plus’ $91 million (in July ‘plus’ $57 million), including $7 million from participation in the joint venture (‘minus’ 5 million); EBITDA of the mining division totals $134 million (in July $154 million), including income from the joint venture $41 million ($35 million). The management company’s expenses amounted to $6 million ($6 million).
Total income in August consisted of $671 million ($700 million in July) from the metallurgical division, $258 million ($283 million) from the mining division, and intercompany sales of $91 million ($73 million).
The company’s total debt in August decreased by $64 million, to $3.017 billion from $3.081 billion, compared to July, while the total amount of money decreased by $88 million, to $523 million from $611 million.
Funds used in investment activities amounted to $54 million, in financial activities to $71 million.
Metinvest B.V. (the Netherlands), the parent company of the Metinvest mining and metallurgical group, will buy back all 2021 eurobonds previously issued by the company for $ 115.3 million and part of 2023 eurobonds for $ 193.2 million, according to Metinvest B.V.’s report on the first results of obtaining consent to buy back its eurobonds maturing in 2021 and 2023 and the issue of new eurobonds.
According to the document, there are currently 2021 eurobonds in the amount of $ 115.3 million in circulation, and with amendments and recalculation with a fixed interest rate, $ 118.020 million will be spent on their redemption.
Currently, there are also 2023 eurobonds for a total of $ 504.515 million in circulation, while within the first stage (with the end of acceptance on September 28) applications for the redemption of these bonds for the amount of $ 193.227 million were accepted.
As reported, Metinvest is placing seven-year eurobonds worth $ 333 million with a yield of 7.95%. The demand for eurobonds exceeded $ 1.6 billion.
Two agricultural exporters Kernel Trade and ADM Trading Ukraine, as well as Mariupol Illich Steel Works affiliated with the Metinvest Group, are in the top three largest recipients of VAT refunds from the budget in November 2018, according to information on the website of the State Treasury Service of Ukraine. The largest recipient of the budget reimbursement of VAT in November was Kernel-Trade – UAH 1.35 billion (the company had no VAT refunds in October), followed by ADM Trading Ukraine with UAH 1.05 billion (UAH 707.9 million in October).
At the same time, the Mariupol Illich Steel Works dropped from first to third place in November, slightly decreasing its figure from UAH 761.7 million in October to UAH 759.5 million, according to the State Treasury Service.
The top five recipients also included one of the largest operators in the grain market Nibulon – UAH 741 million and ArcelorMittal Kryvyi Rih steel works – UAH 485.4 million (compensation information in October is not available for both companies).
The top ten largest VAT recipients in November also included Azovstal steel works affiliated with Metinvest – UAH 473.4 million (UAH 166 million in October), and AT Cargill – UAH 396.6 million (no refund data available in October).
ADM TRADING, KERNEL, METINVEST’S COMPANIES, RECIPIENTS, VAT REFUNDS
