Metinvest secures USD 300 mln pre-export facility

Обзоры по компаниям и отраслям 22.11.2013 Metinvest (METINV) reported on November 20 that it secured a USD 300 mln five-year pre-export facility at a rate of LIBOR + 5.25%, with Deutsche Bank, ING Bank, Natixis, Ukrsotsbank and UniCredit acting as mandated lead arrangers. The facility has a grace period of 18 months and will be used for CapEx and general corporate purposes. Roman Topolyuk: Metinvest has to repay USD 633 mln of debt in 2013, including USD 262 mln in 2H13. So the raised facility may be used to roll over existing debt, as well as to finance maintenance CapEx and working capital. We estimate gross debt to EBITDA may reach 2.5x as of end 2013, once the facility is fully drawn (against the Eurobonds covenant of 3x).