Page 60 - UKRRptFeb21

Buyer bought only UAH2.8bn ($99.4mn) worth of renewable energy for UAH24.6bn in total during March-July of 2020.
Ukraine’s largest pipe and railway wheel producer​ ​Interpipe​ redeemed at par $6.5mn of its 2024 notes on January 26​, according to the company’s release on the same date. As a result of this early redemption, Interpipe had redeemed its 2024 notes in full. Interpipe plans to focus on implementing its development strategy after having repaid $400mn in debt that resulted from its October 2019 restructuring, CFO Denis Morozov said in a company press release, as cited by Interfax-Ukraine.
Metinvest​ affiliate Donetsksteel updates deal with creditors. ​The shareholders of PrJSC Donetsksteel approved at their January 15 EGM an updated version of a settlement deed with the company's creditors that amounts to $1.34bn in total, according to the company’s regulatory filing from the same date.
The settlement deed, which is a part of a London Court of International Arbitration case, as approved on January 15 foresees Donetsksteel paying directly its two creditors – Barlenco Ltd. (Cyprus) and Itineris Holdings Ltd. (British Virgin Islands) – the sum of $835mn, according to the filing. Donetsksteel also agreed to pay $500mn to the two creditors indirectly, by reimbursing $500mn to PrJSC Pokrovske Coal, which will pay the creditors in turn.
At their previous EGM on September 2, Donetsksteel’s shareholders approved an earlier version of the settlement deed that amounted to $840mn in total, including paying the two creditors $340mn directly and $500mn indirectly (via Pokrovske Coal).
At the end of 2019, Metinvest B.V., the top holding company of Ukraine’s largest steel and iron ore producer Metinvest (METINV), owned 24.99% in Donetsksteel, according to the latter’s annual report. Metinvest acquired this stake in Donetsksteel in August 2018 together with a 24.99% stake in Pokrovske Coal.
Three other companies that are likely affiliated with Metinvest’s owners, the SCM and Smart groups, became owners of 24.99% each in Donetsksteel as of August 2018.
In October 2020, Metinvest obtained permission from the Antimonopoly Committee of Ukraine (AMCU) to consolidate control over nine companies that include PrJSC Pokrovske Coal and Svyato-Varvarynska Enrichment Plant LLC. In its 2019 financial statements, Metinvest named these two companies the most significant assets of what Metinvest calls the Pokrovske coal business, in, which the holding owned 24.77% as of the year end. Pokrovske Coal owns 55% in Svyato-Varvarynska, according to Pokrovske Coal’s 2019 annual report.
Metinvest purchased the 24.77% stake in the Pokrovske coal business in July 2018, according to the holding’s September 2020 prospectus. At the same time, Metinvest also obtained a ten-year option to purchase, from several co-investors, the remaining 75.22% in the Pokrovske coal business.
60​ UKRAINE Country Report​ February 2021 ​ ​www.intellinews.com