Investors approve restructuring of Metinvest eurobonds maturing in 2017, 2018
The holders of Metinvest eurobonds, the largest Ukrainian mining and metallurgical company, have approved the restructuring of its securities maturing in 2017 and 2018, while voting on the issue maturing on May 20, 2015 failed due to a lack of quorum, the company said on the website of the Irish Stock Exchange (ISE).
According to the report, a meeting of 2015 eurobond holders will be postponed to a later date, which will be promulgated in the near future.
As reported Metinvest, in connection with the events in Ukraine on May 7 repeatedly initiated amendments to the terms of its eurobonds maturing in 2015, 2017 and 2018 worth a total of $1.153 billion.
The holding, in particular, offered refusal from certain events of default and postponed the repayment of 2015 eurobonds worth $113.65 million from May 20, 2015 to January 31, 2016.
In addition, Metinvest specified the terms regarding the repayment of pre-export financing (PXF): if the amount of payments on the debt principal, paid prior to the full repayment of 2015 eurobonds, exceeds $28.413 million, the issuer will offer 2015 eurobond holders to partially or fully repay the securities in accordance with the procedure laid down by the proposal.
