Ukrainian steel producer Metinvest has overcome political
instability to close a highly consensual $2.3 billion
restructure by way of a UK scheme of arrangement. The process
also employed moratorium schemes side by side with
contractually agreed standstill arrangements to buy extra time
against the volatile backdrop.
Metinvest’s holding company, Metinvest BV,
restructured debt both under its notes and also pre-export
finance (PXF) loan facilities, closing on March 29.
Under the terms of the restructuring, three series of
guaranteed notes (due in 2016, 2017 and 2018) have been
cancelled and delisted and replaced with new listed senior
secured notes worth around $1.2 billion and due in December
2021. Four PXF syndicated loan facilities have also been
amended, restated and consolidated into a single loan facility
of approximately $1.1 billion due in June 2021.
"With creditors’ support, we have arrived at a
common solution, cured defaults, deferred repayments...