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Metinvest scheme of arrangement sanctioned by english court

8 February 2017

Metinvest B.V., the parent company of a vertically integrated group of steel and mining companies (the “Company”), is pleased to announce that the English court has sanctioned the scheme of arrangement to implement its financial restructuring.

Following a court hearing on 17 January 2017, the English court ordered that separate meetings of (i) the holders of certain notes issued by the Company (the "Noteholders") and (ii) the lenders under certain pre-export finance facilities (the "PXF Lenders") be convened for the purposes of voting on the proposed scheme of arrangement (the "Restructuring Scheme").

At the scheme meetings, which were held on 6 February 2017, almost 100% of Noteholders and 100% of PXF Lenders present and voting at the relevant scheme meeting voted in favour of the Restructuring Scheme.

A further court hearing, at which the Company sought English legal sanction of the Restructuring Scheme, took place on 8 February 2017. Following that hearing, the English court granted an order sanctioning the Restructuring Scheme. Accordingly, the effective date of the Restructuring Scheme was 8 February 2017.

Commenting on the developments, Metinvest CEO Yuriy Ryzhenkov said: “On behalf of the Metinvest group, I would like to thank all of our creditors for their support, as well as the ad hoc committee of Noteholders and coordinating committee of PXF lenders for their dedication and cooperation. Metinvest is proud to remain a participant in the international debt and capital markets.”

Documentation relating to the Restructuring Scheme is available on the following website: www.lucid-is.com/metinvest 

For editors:

Andriy Bondarenko
Head of Investor Relations
Tel: +41 22 591 03 74 (Switzerland)
Tel: +380 62 388 16 24 (Ukraine)

Yana Kalmykova
Manager of Investor Relations
Tel: +380 62 389 71 36 (Ukraine)

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 Group is structured into two operating segments, Metallurgical and Mining, and its strategic vision is to become a leading vertically integrated steel producer in Europe, delivering sustainable growth and profitability resilient to business cycles and providing investors with returns above the industry benchmarks. For the nine months ended 30 September 2016, the Group reported revenues of US$4.6 billion and an EBITDA margin of 22%.

METINVEST HOLDING LLC is the management company of Metinvest Group.