Britain's Ferrexpo Plc with assets in Ukraine has announced a new exchange offer and consent solicitation for the outstanding amount of its eurobonds due in 2016 worth $285.669 million to the bond holders who refused to exchange the securities in February 2015, the company said on the London Stock Exchange.
The conditions of the exchange offer and consent solicitation will be published on Thursday.
Ferrexpo released its unaudited financial statements as of and for the three months ended March 31, 2015 in connection with the announcement. The company said that on February 24, 2015, the group exchanged and cancelled $214.331 million of the aforementioned $500 million eurobond and issued new notes with a par value totalling $160.724 million and repaid $53.607 million in cash. The new notes are repayable in two equal instalments on April 7, 2018 and April 7, 2019 and have a 10.375% interest coupon payable semi-annually.
The net profit of Ferrexpo in January-March 2015 totaled $58.43 million, which is 52.4 percent down year-over-year, and its revenue fell by 37.7 percent, to $257.6 million.
Net financial indebtedness as of March 31, 2015 amounted to $695 million with cash and cash equivalents of $494 million, while as of Jan. 1, 2015 the indicators were $678 million and $627 million respectively.
