Metinvest subordinates debt to stockholder on eurobonds, pre-export financing
Metinvest mining and steel group has subordinated the debt to its shareholder on eurobonds being restructured and pre-export financing as of February 15, 2016, the group reported on the website of the Irish Stock Exchange.
The group signed a corresponding agreement with Rainwell Limited and Eltrano Investments on April 1, 2016.
According to Metinvest's financial statements, as of the end of June 2015 the group's total debt stood at $2.984 billion, including long-term liabilities worth $16 million on bank loans and short-term liabilities: $1.094 billion on bank loans, $315 million on trade financing, $1.173 billion on eurobonds and $386 million on non-bank financing.
As reported, Metinvest at the end of December 2015 appealed to the holders of its eurobonds to endorse the introduction until May 27, 2016 of a moratorium on any payments on the securities. During the validity of the moratorium the company intends to achieve an agreement on the restructuring of these eurobonds, as well as pre-export financing in the amount of $1.089 billion.
