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Concorde Capital Research: Metinvest: Deal announced – negotiations to begin

March 21, 2018
On March 19, Metinvest announced a refinancing and restructuring deal that allows METINV'21 noteholders to receive 105.25% of par (and part of the coupon) for their notes by the end of April. This buyback price is within our 104.9-109.1% fair value range, and therefore we are discontinuing our Speculative Buy recommendation. Nevertheless, we recommend that investors negotiate a higher price, close to 109.1%, during Metinvest’s upcoming road show. The investors who supported Metinvest through thick and thin are entitled to realizing the full value of their notes, and their hand looks strong.
More
  • Status
    early redeemed
  • Country of risk
    Ukraine
  • Redemption (put/call option)
    *** (***)
  • Amount
    1,197,232,100 USD
  • М/S&P/F
    — / — / —
Company — Metinvest
  • Full name
    Metinvest B.V.
  • Registration country
    Netherlands
  • Industry
    Ferrous metals