Metinvest may launch new restructuring talks in September

Metinvest may launch new restructuring talks in September



17 липня 2015 года
Конкорд Капитал

Ukraine’s largest steelmaker and iron ore miner Metinvest (METINV) may start restructuring talks in September on its three bonds – maturing in January 2016 (USD 85 mln), November 2017 (USD 289 mln) and February 2018 (USD 750 mln) – and PXF financing totaling USD 1.2 bln. The company is encouraging bondholders to form a coordinating committee, Debtwire reported on July 15. Banking lenders have already formed a coordinating committee, led by Deutsche Bank. Some holders of the 2017 notes, which previously agreed to extend their maturity from 2015, may oppose being treated equally with the holders of 2018 notes, Debtwire reported.

Roman Topolyuk: Metinvest hasn’t officially confirmed that it’s seeking to extend, once again, the maturity of its 2016 notes but we believe it’s a likely possibility. All the stakeholders involved – shareholders, banking lenders and bondholders – will need to find common ground on what cash distributions – including a new debt amortization schedule – should be going forward. This task is rather challenging as the market environment in the iron ore segment is quite volatile, being skewed to the downside. Steel prices have been under continuous pressure and capacity loads are still capped because of the war in Donbas. Despite all the difficulties with debt talks and market uncertainties, Metinvest remains one of the most solid corporate names in the local universe (we project net debt-to-EBITDA of 1.6x as of end-2015).

Источник: Конкорд Капитал

Аналитик: Роман Тополюк
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