Metinvest (METINV)

Issuer Profile

Metinvest is a vertically integrated mining and steel group with assets in Ukraine, Europe and the United States. Metinvest manages the entire industry value chain, from mining and processing iron ore and coal to manufacturing and selling semi-finished and finished steel products. Metinvest is owned by Ukrainian conglomerate System Capital Management (71% stake) and Smart, another local business group (24%). The company benefits from upstream integration in terms of iron ore (200% self-sufficiency), coking coal (75%) and coke (100%).

Bond Information

Market Price* ($)97.5097.00
Market YTM*8.38%9.04%
Spread over UST*545593
Issue Volume ($m)945648
Coupon Rate (% p.a.)7.75%8.50%
Coupon FrequencyS/AS/A
Maturity Date4/23/20234/23/2026
Ratings: Moody's/S&P/Fitch-/B-/B-/B-/B

Note: *Based on bid price.

Memorandum Terms

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 license, illegality, insolvency etc. 60 days
Judgments $50m

Issuer Financials

Net Sales ($m)6,8326,2238,9319,187
EBITDA ($m)513.01,1532,0441,741
Net Income ($m)(1,003)118.0617.0-
EBIT Coverage Ratio (x)(1.08)0.825.60-
Net Debt/Equity (%)73.21%288.8%70.03%-


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