Metinvest changed the terms of previously issued Eurobonds

Metinvest Group, an international vertically integrated group of mining and metals companies, announced that it has successfully obtained the consent of holders of Eurobonds maturing in 2023, 2025, 2026, 2027 and 2029 to amend the terms of their issue.

According to the company's press service, the proposal to amend the terms of the bond issue received significant support among investors. Votes in favor of the change ranged from 87% to 92% of the principal, depending on the respective series of bonds.

“Successful completion of the transaction enhances the investment attractiveness of the Group and contributes to the implementation of Metinvest's development strategy. In addition, changes to the terms of the bond issue help to increase the financial and operational flexibility of the Group in the implementation of strategic investment projects, including, but not limited to, projects to reduce environmental impact,” Metinvest noted.

Deutsche Bank, Natixis, Raiffeisen Bank International AG and Renaissance Capital acted as agents for obtaining consent from Eurobond holders. Metinvest's legal advisors were Linklaters LLP and Avellum, while White & Case LLP acted as legal advisor to the consent agents. Lucid Issuer Services Limited acted as the information agent.

Recall that in October 2021, the international rating agency S& Global Ratings upgraded Metinvest's long-term credit rating from B to B+, which is one notch higher than Ukraine's sovereign rating, with a stable outlook. The agency also upgraded the rating of the group's unsecured bonds from 'B' to 'B+'.

Metinvest is an international vertically integrated mining and metallurgical group of companies that manages every link in the production value chain - from the extraction of iron ore to the production of finished metal products. The structure of the group includes mining and metallurgical enterprises in Ukraine, Europe and the USA, as well as a sales network covering all key global markets.

The main shareholders of Metinvest are Rinat Akhmetov's SCM Group (71.25%) and Vadim Novinsky's Smart Holding (23.75%), which jointly manage the company.