METALLOINVEST FINANCE DESIGNATED ACTIVITY COMPANY (FRA:XS091829) Metalloinvest announces new USD 350 mn PXF credit line agreement with banks
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Metalloinvest Finance Designated Activity Company (IRSH)
Metalloinvest announces new USD 350 mn PXF credit line agreement with banks
Moscow, Russia - 20 April 2021 - Metalloinvest ("the Company"), a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, today announces the opening of a new credit line for pre-export financing (the "PXF-2021") with a group of 10 international banks. In order to improve the parameters of the loan portfolio and the debt repayment schedule in USD, the Company has opened a new credit line for up to USD 350 mn with a variable interest rate. The tenor of the loan is 5 years with a monthly amortisation after the grace period set at 4 years. The tenor of the loan may also be extended up to 7 years. Alexey Voronov, Deputy CEO - Chief Financial Officer of Metalloinvest, commented: "The PXF-2021 credit line has the lowest rate among all dollar loans ever raised by the Company for a period of more than three years. At the same time, the funds will be used to refinance PXF-2017 and PXF-2018, which will reduce the debt payments in the period 2021-2022 to below USD 100 mn. Since the beginning of 2021, the Company has already reduced its loan portfolio by RUB 10 bn due to the early redemption of ruble bonds of BO-02 and BO-08 series. Other options for reducing the total level of debt during 2021 are currently being considered." Peter Kindt - Head of Metals, Mining & Fertilizers EMEA of ING Bank, commented: "Metalloinvest once again proves its reputation for being a market leader in the CIS PXF space with this new 5 year loan with two extension options. It is a strong testament to the rapport Metalloinvest has with its relationship banks, of which 10 participated in this new transaction. ING is proud to have acted as documentary agent for the third time in a row, displaying our close partnership with the company."
# # # # If you have any questions, please contact us: Artem Lavrischev T: +7 (495) 981-55-55, ext. 7243 Anton Troshin Public Relations Tel.: +7 (495) 981-55-55, ext. 7629
Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world's second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers. Metalloinvest is wholly owned by Holding Company USM LLC. Alisher Usmanov is the major beneficiary of Holding Company USM LLC (49%).
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| ISIN: | XS0918297382 |
| Category Code: | MSCL |
| TIDM: | IRSH |
| Sequence No.: | 100120 |
| EQS News ID: | 1186446 |
| End of Announcement | EQS News Service |
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