According to Metinvest B.V., the parent company of a vertically integrated group of steel and mining companies, following the successful debt restructuring completed in March, one of its subsidiaries has secured a new financing facility as part of an equipment leasing agreement.
Ingulets GOK, one of the group’s key iron ore producers, has agreed to lease eight Caterpillar 785C off-highway trucks from Zeppelin Ukraine TOV. The equipment has an overall value of around $17 million and Caterpillar Financial Ukraine, the local lending arm of the US construction and mining equipment manufacturer, is to provide financing for this transaction for five years. Delivery of the trucks is due to begin in September.
Commenting on the news, Yuriy Ryzhenkov, Chief Executive Officer of Metinvest, said: “The group is proud of this development, which is part of its strategy to return to the international debt and capital markets following the successful conclusion of the debt restructuring earlier this year.” (SCM/Ukrainian metal)