Russian metallurgy holding Metalloinvest is considering raising USD 1bn syndicated loan, Prime reports citing unnamed banking sources. Reportedly the company distributed an RFP (request for proposal) testing the market. As of end of Q3/13 net debt of the company stood at USD 5.55bn (down by 0.7% q/q), with net debt/EBITDA at 2.73x vs. 2.61x for the same quarter of 2012.
Metalloinvest decreased its IFRS net profit by 25.4% q/q to USD 258mn in Q3/13, the company announced without providing y/y comparison. Revenues declined by 6% q/q to USD 1.75bn. EBITDA went down by 26% q/q to USD 480mn at a margin of 27.4% vs. 35% in Q2.
In the beginning of April 2013, Fitch announced upgrading the outlook on BB- long-term Issuers Default Rating (IDR) of Metalloinvest from Stable to Positive. Agency noted a stable liquidity position of the company, as well historically strong operational indicators and positive cash flow. The company, which foreign currency debt is rated Ba2/Stable by Moody's, BB-/Positive by S&P, and BB-/Positive by Fitch, has 5 issues worth RUB 35bn and two issues worth USD 1.75bn in circulation, according to Cbonds.