Metalloinvest announces early redemption of its 2020 Eurobonds

The world's leading iron ore and HBI producer and supplier, as well as one of the regional high-quality steel producers, Metalloinvest, have announced their intention to redeem their 2020 Eurobonds ahead of schedule. In order to optimize its loan portfolio, the Company decided to repurchase its outstanding Eurobonds for the principal amount of USD 270.6 million. The maturity date for the bonds was set for April 2020.

Alexey Voronov, CFO of the management company Metalloinvest, commented that “in accordance with the company's debt management strategy, we decided to make a full call in accordance with Eurobonds-2020 and redeem the remaining Eurobonds before the scheduled maturity date in April 2020. Today, note holders were informed on early repayment.

The redemption of the Eurobonds will be financed by a new PXF-2019 loan signed by international and Russian banks last week. Following the “all and everything” tender offer for Eurobonds-2020, completed in April 2017, the par value of Eurobonds in circulation amounted to USD 332.7 million, and the total issue amounted to USD 1 billion. In addition, in 2019, the Company completed the partial redemption of its 2020 Eurobonds for the principal amount of USD 62.1 million as a result.