Akhmetov's metallurgical holding redeems 2023 bonds
Photo: Metinvest / Facebook

Mining and metallurgical group Metinvest has fully redeemed its bonds due in 2023, the company's press service announced on its website on Friday.

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"This successful deleveraging exercise provides Metinvest with greater financial flexibility amid the inherent unpredictability of war by eliminating scheduled material principal repayments until 2025," said Metinvest CEO Yuriy Ryzhenkov.

On April 23, 2018, the parent company of the Metinvest BV group issued five-year Eurobonds for a total amount of $944.5 million at 7.75% per annum.

According to the information available on the company's website, it was due to repay $145 million (over UAH 5 billion).

There are four more bond issues of the company in circulation, with the nearest repayment in mid-2025.

In 2022, Metinvest recorded a $2.19 billion loss.

After February 24, 2022, Metinvest stopped production at enterprises in Mariupol, Avdiyivka, and Zaporizhzhya, where such large enterprises as Azovstal steelworks, Illich Iron & Steel Works, Avdiivka coke plant, and Zaporizhzhya coke plant.

Later, the group's plants in Zaporizhzhya resumed production, the Mariupol plants were destroyed and occupied by the Russians, and the Avdiivka coke plant is still on the front line.