Page 52 - bne IntelliNews Country Report: Ukraine Dec17

and iron ore prices Metinvest enjoyed in recent months enabled it to accumulate enough cash to pay the entire current coupon in cash (including catch-up fee of 1.5% p.a.) along with all previously accumulated PIK notes, as well as redeem part of the principal.
Ukraine’s largest iron ore pellet exporter Ferrexpo raised a new three-year credit facility of $195mn with final repayment on 2020, the company said on a November 17. The credit facility “will be used for general corporate purposes," the company said. CFO Chris Mawe pointed out that “the facility will significantly reduce the group’s average cost of funding and extend its debt maturity profile. The new credit line is positive for the company’s debt sustainability, as it needs to repay about $87mn in 2H17 and $253mn in 1H18 (including $173mn in Eurobond amortization in April).
Ukraine’s Finance Ministry has raised $88.9mn from the placement of two-year US dollar-denominated bonds at an average yield of 5.40%, the ministry reported on November 21. The placement rate was the same as the two previous auctions convened in October and August, when MinFin raised $170mn and $351mn respectively. The next placement of US dollar-denominated local bonds is scheduled for December 19.
52 UKRAINE Country Report December 2017 www.intellinews.com