August 06, 2014 15:23
Metinvest working to reschedule Eurobond-2015 repayment to 2018
KYIV. Aug 6 (Interfax) - Ukrainian steel and mining company Metinvest is in talks with the holders of $500 million in Eurobonds maturing in 2015 to move repayment back to 2018, CEO Yuriy Ryzhenkov said at a press conference in Kyiv on Wednesday.
"Today we see that we can retire the Eurobonds out of the company's own cash flows next May. We are also exploring the possibility of going to capital markets: everything depends on what the situation is. Restructuring is an extreme outcome. It is not being examined right now. Either refinancing or repayment of our liabilities is being examined," he said.
Metinvest currently has Eurobond issues maturing in May 2015 and February 2018 in circulation. The first, totaling $500 million with a coupon rate of 10.25%, was issued in 2010. The second, totaling $750 million and paying 8.75%, was issued in 2011.
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