Metinvest

Metinvest representatives are meeting with fund managers at a roadshow organized by Deutsche Bank AG to assess demand for a new bond, Bloomberg reported, citing unnamed sources.

Metinvest said that over recent weeks it had been engaged in restricted discussions with an Ad Hoc Group (AHG) of bondholders on extending the maturities of its outstanding Eurobonds. Despite a material narrowing of positions, the parties failed to reach an agreement and decided to terminate the talks. The company said it will explore alternative options to address its upcoming maturity, including market refinancing or other liability management transactions. The AHG reportedly holds over 50% of Metinvest’s $428m 2026 bonds and $332m 2027 notes, and more than 35% of the $500m 2029 notes. In a supplementary presentation, Metinvest reported that revenues declined by 6.5% y-o-y in 9M25 to $5.5bn, while EBITDA fell by 33% y-o-y to $565m. Total debt stood at $1.5bn, down 11% vs. end-2024 and 4% vs. end-1H25. Non-cash EBITDA contribution from JVs amounted to $137m in 9M25, while EBITDA losses from United Coal Company, reclassified as a disposal group, stood at $42m. Cash and cash equivalents increased to $375m as of end-2025 from $308m at end-1H25.