Ferrexpo draws large support for 2016 notes maturity extension

Ferrexpo draws large support for 2016 notes maturity extension



17 червня 2015 года
Конкорд Капитал

Ferrexpo (FXPO)


Ukraine’s largest pellet exporter Ferrexpo (FXPOLN, FXPO LN) received support from 84% of the holders of USD 286 mln in FXPOLN notes maturing in April 2016 for its most recent exchange offer at the early deadline of June 15. The exchange offer will be effective as of June 30, and the company is expected to announce the result of the exchange by early July.

According to the offer’s conditions, the holders of the 2016 notes may choose to receive 65% of the principal in new notes maturing in 2019, and 35% in cash. Those having agreed to exchange by the June 15 early deadline will also receive 2% in an early exchange fee, while those who decide to exchange by the late deadline of June 30 will receive an 0.5% exchange fee.

Roman Topolyuk: The lucrative offer from company has drawn a high rate of support from bondholders. Taking into account the shifting of at least 84% of USD 286 mln notes to later periods (2018 and 2019), Ferrexpo will have to repay no more than USD 46 mln next year. With other repayments included, we estimate that Ferrexpo will have to repay only USD 256 mln in 2016, which is manageable, as we project net operating cash flow of USD 335 mln next year.

Источник: Конкорд Капитал

Аналитик: Роман Тополюк
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