Metinvest finalizes exchange offer for its 2015 Eurobonds

Metinvest finalizes exchange offer for its 2015 Eurobonds



2 грудня 2014 года
Конкорд Капитал

Metinvest (METINV) announced on Dec.1 that it has completed the exchange offer for its Eurobonds maturing in May 2015. About 77% of the holders of the 2015 bonds have agreed to exchange them into a mix of cash (25%) and new bonds (75%) that mature in November 2017. Hence, Metinvest has repaid USD 96.6 mln in cash and has issued new notes for a total nominal value of USD 289.7 mln and a coupon of 10.5%, priced at 100%. As of Dec. 2, the new bond hasn’t been quoted yet. Metinvest 2015 notes with a nominal value of USD 113.7 mln will remain outstanding.



Roman Topolyuk: We expect Metinvest’s 2017 bond will start trading at a YTM of 25-26%, or with some positive spread to the company’s 2018 bond. Currently METINV’18 paper is trading at a 24% YTM.

Источник: Конкорд Капитал

Аналитик: Роман Тополюк
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