Metinvest to pay 30% of coupon, as agreed by bondholders, on Feb. 22

Metinvest to pay 30% of coupon, as agreed by bondholders, on Feb. 22



22 лютого 2016 года
Конкорд Капитал

Ukraine’s leading metallurgy holding Metinvest (METINV) announced on Feb.19 it will pay scheduled coupons on its three Eurobonds on or around Feb. 22, with the record date being Feb. 5. The payment will be executed in accordance with the scheme arrangement, foreseeing a moratorium on debt repayment by May 27, 2016. Based on the scheme agreement, Metinvest will have to pay 30% of coupons accrued between Jan. 31, 2016 and Feb. 15, 2016, totaling USD 1.3 mln. This consists of USD 0.1 mln on 2016 notes, USD 0.4 mln on 2017 notes, USD 0.8 mln on 2018 notes. Metinvest will capitalize 70% of coupons accrued for this period. The next coupon period, agreed with bondholders, is Feb. 16 – Mar. 15.

Roman Topolyuk: The partial interest payment to bondholders on the period ending Feb. 15, 2016 will be the second in the series of five interest payments due by May 27, when the company intends to finalize the debt restructuring negotiations. We estimate Metinvest will capitalize USD 3.1 mln in this particular coupon period, increasing its total amount of Eurobonds outstanding to USD 1,154 mln. If the new restructuring agreement is not reached by the deadline in May, the company will capitalize USD 51 mln, and increase total bonds outstanding to USD 1,176 mln, and pay USD 22 mln as interest. This will increase Metinvest’s total debt to USD 3,001 mln by end-May, compared to USD 2,950 mln (estimated) as of end-December.

Источник: Конкорд Капитал

Аналитик: Роман Тополюк
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