OREANDA-NEWS. Metinvest B.V. (“the Issuer”), the parent company of a vertically integrated group of steel and mining companies (jointly referred to as “Metinvest” or “the Group”), today announced the results of its offer to exchange any and all of its outstanding US\\$500,000,000, 10.25% guaranteed notes due in 2015 (the “Existing Notes”) for a combination of new US dollar denominated guaranteed notes (the “New Notes”) and a 25% cash consideration.

The Exchange Offer was made on the terms and subject to the conditions in the Exchange Offer Memorandum dated 21 October 2014 and the Addendum to the Exchange Offer Memorandum dated 4 November 2014, and it expired at 11.59 p.m. (US Eastern Time) on 24 November 2014. The transaction closing and settlement date was 28 November 2014.

The Issuer accepted in full all existing notes offered in valid form pursuant to the Exchange Offer, amounting to a nominal value of US\\$386,349,000. Following the settlement date, Existing Notes with a total nominal value of US\\$113,651,000 remained outstanding.

On the settlement date, the Issuer released New Notes with a total nominal value of US\\$289,734,000 under its US\\$1,500,000,000 Guaranteed Medium Term Note Programme, as described in the Base Offering Memorandum. The cash component paid under the exchange offer amounted to US\\$96,587,250.

Commenting on the results of the debt exchange offer, Aleksey Kutepov, Chief Financial Officer of Metinvest, said: “We are very pleased with the results of the offer, which extends the maturity of our debt profile and significantly reduces the total principal debt due for repayment in 2015. This will also support cash flow and ensure adequate working capital to maintain production levels and preserve the required, minimal level of investment to sustain current operations. We thank the holders of our notes for their continued support.”

Deutsche Bank AG and ING Bank N.V. acted as Dealer Managers and Bank of New York Mellon as the Exchange Agent on the offer.