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AVELLUM advised Metinvest on dual-currency Eurobond issue and tender offer

November 2019 - Finance. Legal Developments by Avellum.

More articles by this firm.

AVELLUM acted as the Ukrainian legal counsel to Metinvest B.V. on:

  • dual-currency Eurobond issue, including a USD500 million 10-year tranche at 7.75% per annum and a EUR300 million 5-year tranche at 5.625% per annum; and
  • a tender offer for the USD944.5 million Eurobonds due in 2023 to purchase for cash up to USD440 million of the paper.

This transaction is truly remarkable for the following reasons:

  • the dollar-denominated tranche is Metinvest Group’s longest to date with the lowest yield ever secured by Metinvest Group. The 10-year USD financing until recently was only available to the sovereign borrower in Ukraine
  • the debut euro-denominated tranche was issued at the lowest yield ever achieved by any Ukrainian issuers in euros (including the sovereign)

Deutsche Bank, Natixis and UniCredit acted as joint bookrunners of the Eurobond issue and joint dealer managers for the tender offer.

Metinvest Group is a vertically integrated group of steel and mining companies that manages every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. It comprises steel and mining production facilities located in Ukraine, Europe, and the US, as well as a sales network covering all key global markets.

The AVELLUM team was led by senior partner Glib Bondar with support from associates Anastasiya Voronova, Oleg Krainskyi, Orest Franchuk, and Anna Mikhalova and tax support from partner Vadim Medvedev, associates Anton Zaderyholova, and Yelyzaveta Kravtsova.

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