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15/04/2024
Mining NewsUncategorized

Metinvest mining metal group capitalization

Metinvest B.V. in late December 2015 addressed to the holders of its eurobonds with the request to approve the introduction until May 27, 2016 of a moratorium on the repayment of the securities.

Metinvest mining and metal group has capitalized $3.126 million unpaid interest on restructured eurobonds that will mature in 2016-2018.

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According to a report on the Irish Stock Exchange (ISE), the interest was accrued for the period from and including 31 January 2016 up to but excluding 15 February 2016 and was unpaid due to the restricted funds.

The company is required to pay an amount equal to the difference (if positive) between the average of unrestricted cash balances and $180 million (the AdditionalFebruaryAmount) in respect of interest.

After the capitalization the principal amount of the notes due in 2016 grew by some $258,433, to $86.703 million, notes due in 2017 – by $989,723, to $294.359 million and notes due in 2018 – by $1.968 million, to $773.278 million.

The company said that the record date for the purpose of this capitalisation is opening of business on February 5, 2016.

As reported, Metinvest B.V. in late December 2015 addressed to the holders of its eurobonds with the request to approve the introduction until May 27, 2016 of a moratorium on the repayment of the securities.

Metinvest is a vertically integrated international mining and steel company which owns 24 assets in Ukraine, Europe and the United States, and also manages each link of the production chain – iron ore and coal mining and coke production through to semi-finished and finished steel production; including the manufacturing of plate and coil, pipe rolling, shapes and bars and other value-added products.

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