Conflict-hit Metinvest seeks waivers

摘要

Steel and mining group metinvest is in talks with lenders around the potential reorganisation of its secured pre-export loans as the separatist conflict in Ukraine's industrial heartland continues to impact on its revenues. The group, located in Donbass and majority owned by Ukraine's richest businessman, Rinat Akhmetov, has a number of outstanding secured pre-export loans including a US$300m five-year deal which was signed in November 2013 and a US$560m three-year deal which was signed in April 2013. Talks are focused on a waiver for a US$1.2bn five-year loan which was signed in November 2011, one of the bankers said. Lenders on this deal include Deutsche Bank, ING, Natixis, Portigon, UniCredit, Erste, BNP Paribas, Bank of Tokyo-Mitsubishi UFJ, Raiffeisen, Rabobank and Credit Suisse. However, according to a second banker the company has been in talks around waivers across all of its loans over the past few months and the latest negotiations will comprise a more comprehensive reorganisation of all of its debt.