Netherlands mining and metallurgical holding Metinvest B.V. (Metinvest), the parent company of an international vertically integrated mining and metallurgical group of companies with assets in Ukraine, paid the next semi-annual coupon on Eurobonds-2027 on time and continues to fulfill its debt obligations, despite the hostilities in the region of presence and the loss of part of the assets.
“All payments are going according to plan. Nothing has changed in the group's approach to servicing the loan portfolio - Metinvest adheres to all obligations to creditors," the company's press service told Interfax-Ukraine in response to a request.
The company clarified that the deadlines payments on bonds and the interest rate are fully observed, and they are indicated in the relevant documentation on the corporate website.
According to the information on the website, the volume of Eurobonds-2027 in circulation is 332.354 million US dollars, which at an interest rate of 7.65 % per annum brings about 12.7 million dollars to pay the coupon. The payment deadline is September 1.
As reported, Metinvest in April 2023 announced full and timely final payments on Eurobonds-2023 in the amount of $145 million. The CEO of the company, Yuriy Ryzhenkov, then noted that the redemption of the bonds is a significant achievement in the context of the ongoing war and an important event among corporate issuers associated with Ukraine.
Fitch international rating agency, having confirmed the Metinvest B.V. at a speculative level, CCC in mid-July noted that the group's end-2022 cash balance ($349 million) and Fitch's projected positive free cash flow were sufficient to repay debt in 2023 ($193 million). According to him, the next major repayment date is June 2025.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its enterprises are located in Ukraine - in Donetsk, Luhansk, Zaporozhye and Dnepropetrovsk regions, as well as in the countries of the European Union, Great Britain and the USA.
The main shareholders of the holding are the SCM group of Rinat Akhmetov (71.24%) and " Smart Holding" by Vadim Novinsky (23.76%), jointly managing it.
