Eurobonds are now circulating on the market with a total face value of $647,661 million, Interfax-Ukraine reports.
As stated in the stock exchange statement of the holding company Metinvest BV on Monday, the bonds are bought for cash, the minimum buyback price is $1140 for every $1000 of the bond par value.
"The main reason for the proposal is to proactively manage the maturity of the company's debt portfolio, reduce the total debt, as well as reduce its cost," Metinvest said.
According to the announcement, holders of Eurobonds can submit both competitive bids in increments of $0,5 and non-competitive ones.
The offer expires at 16:00 on 18 August. The results of the tender will be announced on August 19, and the calculations are planned for August 20.
Eurobonds maturing on April 23, 2026 were issued in April 2018 with an 8,5% coupon. Currently, they are quoted at a rate of about 113% of par, which corresponds to a yield of about 5,3% per annum.
