Metinvest

Metinvest is a vertically integrated mining and steel group with assets in Ukraine, the EU and the United States. It manages the entire industry value chain, from mining and processing iron ore and coal to manufacturing and selling semi-finished and finished steel products. Metinvest is owned by Ukrainian conglomerate System Capital Management (71% stake) and Smart Holding, another local business group (24%). The company benefits from upstream integration in terms of iron ore (200% self-sufficiency), yet its coking coal and coke supply base was hit by the military conflict in the east, forcing Metinvest to rely on imports. Its U.S.-based United Coal Company secures long-term supplies of high quality coking coal. Metinvest is the leading producer of iron ore and coke in Ukraine and a top-10 iron ore producer globally.
Year 2023 2025 2026 2027 2029
Issue Volume ($m) 945 300 648 333 500
Coupon Rate (% p.a.) 7.75% 5.625% 8.50% 7.65% 7.75%
Coupon Frequency S/A S/A S/A S/A S/A
Maturity date 4/23/2023 6/17/2025 4/23/2026 10/1/2027 10/17/2029
Ratings: Moody`s/S&P/Fitch CCC/-/NR CCC/-/NR CCC/-/NR CCC/-/NR CCC/-/NR
Market Price* ($) 80.00 55.00 54.00 52.00 50.00
Market YTM* 115.80% 38.10% 32.50% 26.00% 22.50%
Spread over UST* - - - - -
Note: *Based on bid price.
Year 2020 2021E 2022E
Net Sales ($m) 10,453 *** ***
EBITDA ($m) 2,204 *** ***
Net Income ($m) 526 *** ***
EBIT Coverage Ratio (x) 4.76 *** ***
Net Debt/Equity (%) 45.2% *** ***

Latest news about Metinvest

Dec 13, 2022
| Metals & Mining

Metinvest — Announces early tender offer results

Metinvest announced early results of its tender offer for its 2023 Eurobond. The company will buy back $23.1m worth of notes, below the maximum acceptance amount of $70m, at 80% of par. The early settlement date is expected at or around Dec. 14.
Nov 29, 2022
| Metals & Mining

Metinvest — Announces tender offer, updates on operational disruptions from blackouts

Metinvest announced a cash tender offer to acquire up to $70m worth of its outstanding $169m 2023 Eurobonds under modified Dutch auction rules. The minimum and maximum purchase prices were set at 70% and 80% of the principal.
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