Metalloinvest has signed a new contract
One of the key manufacturers and suppliers of iron ore has signed a new agreement. Metalloinvest is one of the leaders for iron hot briquetting in the market worldwide. Also in the region they produce the highest quality steel. Now they marked a contract with the Bank on the financing of the club before export. The title of the contract in the encryption is called «Peice-2017» and its total amount exceeds one billion five hundred thousand dollars. And also have the opportunity to cross the border limit of almost half a billion.
Under the terms of the contract, Peixe-2017 includes not one tranche. The first of a planned five-year is a long-term process. The repayment of the debt dates back to two thousand twentieth to twenty — second year. Sum of the first tranche equal to eight hundred million dollars. The next tranche dvumstam amount equal to fifty million dollars. Its duration is longer than the first two years. The maturity dates from the 22−24 year.
The first and second interest rate is floating. It only binds to one month LIBOR and all. Investments under the new contract will go to partially cover Peixe previously taken loans. However, the new conditions are much more favorable conditions for Commerce. The selection of investments according to the plans will be able to make in the summer, under certain conditions.
The contract involves seventeen financial groups from the EU, us, Asian countries and Russia.
This year, the company adhered to the current policy framework of the financial sector. It was aimed at being used in advance to extinguish the debt and to optimize the conditions of obtaining the loan. When the stability of the financial situation and adequate approach to the management of a portfolio of debt Metinvest is highly valued in credits. In the estimates converge, banks, community investors and is supported by the fact that the interest of the market participants is high enough to Finance this contract. Also very interested in metalloinvest’s Eurobonds, which were placed in the beginning of may. According to the results of the situation summed amount of the refinancing debt currency billion seven hundred thousand dollars.
CFO of metalloinvest said that the inclusion of Peixe-2017 will give the chance to strengthen options companies loans company. If you look at it like a graph of overlap and rates to service the debt. The use of money from tranche that used to partially repay pre-export costs will help to reduce the cost of debt. The area of reinforcement of the bonds is equal to six hundred sixty-seven million dollars. This amount is acquired by creating new securities. Over the next three years to pay nearly double of the loans to a billion seven hundred million of the three. This situation is relevant to past 2016.