No more loans10 Feb 2017 21:29
British mining company with assets in Ukraine Ferrexpo yet does not require substantial funding for its Eurobond issue, expects to clarify the economic and political situation, said the company's largest shareholder, Ukrainian businessman Konstantin Zhevago.
"We do not plan to borrow, even though we have the opportunity to place new bonds of up to $ 1 billion on the existing rates", - he said in an interview with "New time".
As explained by a shareholder, the company now has no such large projects requiring significant funding, while existing projects it is able to fund the current cash flow.
"We do not understand what will happen to the economy and politics Our investors do not support they say, let's wait a little, understand in which direction it's moving.." - K.Zhevago said.
As reported, the shareholders of PJSC "Poltava GOK" (Poltava Mining, Gorishnii Plavni Poltava region.), The largest manufacturer of iron ore pellets in the Ukraine, at the extraordinary meeting of 18 November 2016 agreed to release Ferrexpo Finance Plc bonds worth up to $ 750 million at an interest rate not more than 11% per annum and a maturity period of less than 10 years from the date of posting.
Ferrexpo in 2017 will have to pay almost equal to $ 202 million quarterly installments Then, in the first half of 2018, the company needs to repay liabilities by $ 273 million, including 50% of Eurobonds ($ 173 million) in the second half of 2018 -. The obligation by $ 55 million in the first half of 2019 - the second half of Eurobond debt.
Poltava Mining is the main asset listed on the London Stock Exchange of the British mining company Ferrexpo plc: it owns 100% of shares in Ferrexpo AG, which, in turn, owns 97.43% stake in Poltava, 100% Eristov GOK and 99.9% BelanovskogoGOKa.
The final beneficiary of Konstantin Zhevago through Fevamotinico S.a.r.l. It owns a 50.3% stake in Ferrexpo.
Ferrexpo - Swiss iron mining company with assets in Ukraine. high-quality iron ore pellets used in steel production is the production and export of primary activity of the company.
Ferrexpo Finance Plc is a subsidiary of Ferrexpo.
Ferrexpo Group is the largest manufacturer and exporter of pellets among the countries of the former Soviet Union.
In 2015, the company produced 11.67 million tons of iron ore pellets, which is 5.6% more than in 2014. The main customers are steel mills from Austria, Slovakia, Czech Republic, Germany and other European countries as well as China, India, Japan, Taiwan and South Korea.
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