Metinvest, the vertically integrated group of steel and mining companies, has settled another part of its pre-export finance (PXF) facility ahead of schedule.
This underscores the group’s pledge to lower debt further following the conclusion of the debt refinancing in April, the largest transaction by a Ukrainian corporate to date. In it, Metinvest refinanced $2,271 million of debt through two new bond issues totaling $1,592 million and a $765 million PXF facility. The transaction also generated another $205 million in liquidity, with which the group voluntarily settled ahead of term the PXF repayment due in the first year after the transaction.
Amid decent cash flow, Metinvest has now voluntarily paid another part of the PXF facility, following which the remainder due is $528 million. (SCM/Ukrainian metal)