Corporates
Metinvest (METINV)
Metinvest is a vertically integrated steel and mining group of companies, with assets in Ukraine, Europe and the United States. It manages every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. Metinvest is owned by Ukrainian conglomerate System Capital Management (75% share) and Smart Group (25% share). Metinvest benefits from full upstream integration in terms of iron ore (200% self-sufficiency), coking coal (75%) and coke (100%). The group’s U.S.-based United Coal Company (acquired in 2009) secures long-term supplies of high quality coking coal. Metinvest is also the leading producer of iron ore and coke in Ukraine and one of the top 10 iron ore producers globally.
| Year | 2015 | 2018 |
| Market Price* ($) | 98.25 | 91.25 |
| Market YTM* | 10.95% | 10.83% |
| Spread over UST* | 1,058 | 966 |
| Issue Volume ($m) | 500 | 750 |
| Coupon Rate (% p.a.) | 10.25% | 8.75% |
| Coupon Frequency | - | - |
| Maturity Date | 5/20/2015 | 2/14/2018 |
| Ratings: Moody's/S&P/Fitch | - | - |
| Covenants |
|
|
| Financial Reports |
S/A – 150 days; A – 180 days |
|
| Max. consolidated Debt/Ebitda |
3.0 |
|
| Events of Default: |
|
| Failure to pay |
10 days |
|
| Cross default |
$50m |
|
| Expiry of licanse, illegality, insolvency etc. |
60 days |
|
| Judgments |
$50m |
|
| Year | 2009 | 2010 | 2011E |
| Net Sales ($m) | 6,026.00 | 9,358.00 | 13,732.00 |
| EBITDA ($m) | 1,449.00 | 2,552.00 | 3,517.00 |
| Net Income ($m) | 334.00 | 437.00 | 1,893.00 |
| EBIT Coverage Ratio (x) | 7.11 | 3.83 | 3.83 |
| Net Debt/Equity (%) | 34.91% | 40.04% | 40.04% |
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