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Metinvest B.V. - Launch of Tender Offer

METINVEST B.V. ANNOUNCES INVITATION FOR OFFERS TO SELL FOR CASH IN A MODIFIED DUTCH AUCTION IN RELATION TO ITS U.S.$944,515,000 FIXED RATE SENIOR NOTES DUE 2023 (OF WHICH U.S.$168,583,000 IS CURRENTLY OUTSTANDING)


Full announcement available via EURONEXT.


"Metinvest B.V., a private company with limited liability incorporated under the laws of the Netherlands (besloten vennootschap met beperkte aansprakelijkheid) with its corporate seat (statutaire zetel) in Rotterdam, The Netherlands and its registered address at Gustav Mahlerplein 74 B, 1082MA, Amsterdam, The Netherlands, and registered with the Dutch Trade Register of the Chamber of Commerce under number 24321697 (the “Company”) has today launched invitations to holders (the “Noteholders”) of its U.S.$944,515,000 Fixed Rate Senior Notes due 2023 (of which U.S.$168,583,000 is currently outstanding) (the “Notes”) to tender for purchase for cash the Notes, up to a maximum consideration of U.S.$70,000,000 (the “Maximum Consideration”), subject to the jurisdictional offer and distribution restrictions below, and upon the terms and subject to the conditions set forth in an invitation for offers dated 28 November 2022 (as it may be amended or supplemented from time to time, the “Invitation for Offers”) in accordance with a modified Dutch auction procedure (the “Invitation”)."


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"Rationale for the Invitation


The rationale for the Invitation is to proactively manage the Company’s debt maturity to smooth cash outflows for debt service and lower liquidity pressures for the first half of 2023, given the highly turbulent operating environment for the Company and its subsidiaries. Although the Company currently intends to continue to service its debt, the ongoing war in Ukraine coupled with volatile prices on Metinvest’s products present unprecedented challenges to the operations of the Company and its subsidiaries. The Invitation gives the Company’s investors an option to decrease their exposure to Ukraine-related businesses in the context of an ongoing war and broader market dislocations."


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