Metinvest, the vertically integrated group of steel and mining companies, has repaid a part of its pre-export finance (PXF) facility ahead of schedule and demonstrated its commitment to reducing its debt further following the successful completion of the debt refinancing in April.
That transaction, the largest ever of its kind by a Ukrainian corporate, refinanced $2,271 million of debt through two new bond issues totaling $1,592 million and a $765 million PXF facility. It also created $205 million of additional liquidity, which the group used to voluntarily repay ahead of schedule the amount due under the PXF facility in the first year after the transaction. Following this repayment, the total outstanding under the PXF facility is $624 million.
This early repayment allowed certain PXF agreement restrictions to be eased, including regarding some restricted payments. (SCM/Ukrainian metal)