Metinvest $1.592 billion eurobond issue

Overview:

• Metinvest Group, a Ukraine-based group of steel and mining companies, issued a $1.592 billion eurobond.
• The eurobond was divided into two tranches: a $944.5 million bond due in 2023 and a $647.7 million bond due in 2026. The issue was coupled with the cash tender offer and consent solicitation in relation to Metinvest's existing $1.2 billion eurobond issue due in 2021, of which $117 million remains outstanding following the tender offer.
• Notably, the bond issue is Metinvest’s largest to date, with its lowest ever coupon and longest maturity. 
• In a press release, Metinvest stated that the transaction was market-driven and had the aim of managing and extending its debt by taking advantage a favorable borrowing conditions.
• Deutsche Bank, ING, Natixis and UniCredit were joint lead managers on the eurobond.

Prin Shasiharan - Researcher