Ukraine’s Metinvest extends moratorium until Nov. 30 for three notes

By Susanna Moon

Chicago, Sept. 29 – Metinvest BV secured an extension until Nov. 30 for the moratorium from declaring default on three series of its notes.

Holders of at least 50.01% of the notes had given the company an extension notice on Wednesday, according to a company update. They include

• 10¼% guaranteed notes due 2016, of which $89,891,018.96 was outstanding as of Aug. 31 after capitalization of unpaid interest;

• 10½% guaranteed notes due 2017, of which $305,474,434 was outstanding as of Aug. 31 after capitalization of unpaid interest; and

• 8¾% guaranteed notes due 2018, of which $796,906,652.15 was outstanding as of Aug. 31 after capitalization of unpaid interest.

As reported May 25, the company had obtained a practice statement letter and non-binding restructuring heads of terms for the three note series that provided a moratorium on enforcement action by noteholders until May 27 for the following amounts:

• 10¼% guaranteed notes due 2016, of which $87,742,784.66 was outstanding as of April 15 after capitalization of unpaid interest under the first moratorium scheme;

• 10½% guaranteed notes due 2017, of which $297,976,373.04 was outstanding as of April 15 after capitalization of unpaid interest under the first moratorium scheme; and

• 8¾% guaranteed notes due 2018, of which $781,192,371.90 was outstanding as of April 15 after capitalization of unpaid interest under the first moratorium scheme.

A scheme of arrangement was sanctioned by the High Court of England and Wales on January 2016 and in June.

Lucid Issuer Services Ltd. (Sunjeeve Patel / Thomas Choquet, +44 0 207 704 0880 or metinvest@lucid-is.com) is the information agent.

Metinvest is an integrated mining and steel business based in Donetsk, Ukraine. The company filed for bankruptcy on Jan. 13, 2016 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 15 case number 16-10105.

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