20 November 2017
According to Ferrexpo press-service, tenor of new credit line is three years, it was provided by the pool of six international lenders led by BNP Paribas.
Credit line is to be repaid by eight installments starting starting from Q1 2019 and till Q4 2020.
It is expected that new loan will improve liquidity position of the company and its margin of safety before significant debt repayment in following two years. As a reminder in H2 2017 Ferrexpo is to repay to its lenders USD 68M of debt principal, in Y2018 amount of repayments is make about USD 300M. Cash balance of the company as of 30.06.17 made USD 92M, expected for H2 2017 EBITDA – USD 200-230M.
Also it should be mentioned that management of Ferrexpo considers possibility of new investments into pellets production expansion.
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