June 11, 2019

Metinvest’s debt refinancing wins European Commodities Finance Deal of the Year award

Metinvest, the vertically integrated group of steel and mining companies, is pleased to announce that TXF has named the Group’s debt refinancing arrangement as the European Commodities Finance Deal of the Year in its competition for the annual TXF Deals of the Year, also known as the Perfect 10.

TXF is a reputable media outlet that covers export, trade and commodity finance news and transactions. In its coverage of the award, TXF noted that despite finalising a lengthy debt restructuring in 2017, Metinvest returned to the debt markets in 2018 to close a pre-export finance (PXF) facility and two bond issuances totalling US$2.36 billion, the largest refinancing by a Ukrainian corporate to date. The full article is available here: https://www.txfnews.com/News/Article/6756/Perfect-10-winners-2018-Commodity-finance.

To recap, in April 2018, Metinvest refinanced the lion’s share of its debt by issuing two bond tranches totalling US$1,592 million and securing a PXF facility of US$765 million. The bond issue was the Group’s largest to date, with its lowest ever coupon and longest maturity, as well as the most sizeable issuance by a Ukrainian corporate. The investor community worldwide, including top European financial institutions, showed strong support for the transaction.

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