“Metinvest” paid on Eurobonds of $46,6 million of interest and $10.1 million of the principal amount

Mining and metallurgical group “Metinvest” paid for new Eurobonds with a maturity until 31 December 2021 to $56.7 million, the group said on the website of the Irish stock exchange.

According to the report, this amount consists of $26 million 445,135 thousand of interest income for the period from 18 August to 18 November 2017, $20 million 138,338 thousand of previously capitalized interest income, as well as $10 million 108,252 thousand in the repayment of the principal amount.

After this payment the total amount of the issue was reduced to $1 billion 187,124 million

As reported, “Metinvest” at the end of may 2016 agreed with the creditors ‘ Committee restructuring of Eurobonds and PXF-financing. The agreement involves the conversion of all three Eurobond issues into a single issue with a maturity up to December 31, 2021 and four syndicated credit lines for PXF-financing – one line of credit .

At the end of March 2017, the company has released a single new issue of Eurobonds worth $1 billion 197 million 232,103 thousand and issued a new credit line for PXF-financing in the amount of $1 billion 108 million 795,509 thousand

The conditions of circulation of Eurobonds assuming quarterly accrual of interest income with the payment of 18 February, 18 may, 18 August and 18 November. The interest rate is set at 10,875% per annum. However, until 1 January 2019 guaranteed to be paid 25.7% of the accrued interest. The remaining interest income will be paid if the company for that free cash in excess of $180 million in the absence of such means of 60.5% of the total amount of accrued interest will be capitalized, while the balance will be written off. From 1 January 2019, the group intends to pay all accrued interest income.

Metinvest is a vertically integrated mining group of companies managing assets in every link of the production chain from the extraction of iron ore and coal and coke production up to the release of semi-and end products of steel pipes and coils and also manufacture other products with high added value. The group consists of mining and metallurgical enterprises located in Ukraine, Europe and the United States, has a sales network covering all key global markets.

The main shareholders of Metinvest group are SCM (71,24%) and “Smart holding” (from 23.76%), partnering in company’s management.

OOO “Metinvest holding” – managing company of Metinvest group.

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