Ferrexpo PLC Early Repayment of Debt Facility (5567D)
30 Juni 2021 - 8:00AM
UK Regulatory
TIDMFXPO
RNS Number : 5567D
Ferrexpo PLC
30 June 2021
30 June 2021
Ferrexpo plc
("Ferrexpo", "the Company" or the "Group")
Early Repayment of Debt Facility
The Board of Directors of Ferrexpo (LSE: FXPO) is pleased to
announce that it has approved the early repayment of its
outstanding pre-export finance facility ('PXF facility'), with
repayment to take place today and subsequent cancellation of the
facility. The PXF facility agreement was signed in 2018 and
repayment was scheduled to take place quarterly between 2020 and
2022. As at 31 December 2020, the Group had US$257 million of debt
drawn on its PXF facility.
Early repayment of this facility reflects the strong performance
of the Group's operations, including recent growth in both the
Group's production volumes and product quality, following the
recent completion of investments throughout the Group's operations.
Through previous investments, and the Group's ongoing growth
programme, the Group is able to take full advantage of recent
strength in the iron ore market, with particular demand at this
time for high grade iron ores such as the Group's 65% Fe iron ore
pellets, which represented 99% of total production in 2020 (2019:
96%).
Jim North, Interim CEO of Ferrexpo, commented:
"Today's news regarding early repayment of the PXF facility
reflects the continued strong operational performance of the Group
and market conditions currently underpinning the iron ore market,
whilst also representing prudent cash management practice.
Pleasingly, this will bring an end to the Group's deleveraging
programme. Following this announcement, we are well positioned to
continue to invest in our assets, delivering further growth in
pellet volumes and pellet quality, whilst also continuing to
deliver returns to shareholders."
Information contained within this announcement is deemed to
constitute inside information as stipulated under article 7 of the
UK version of the EU Market Abuse Regulation (2014/596 EU) which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018. Upon the publication of this announcement, this inside
information is now considered to be in the public domain. The
person responsible for making this notification is Mark Gregory,
Company Secretary.
For further information, please contact:
Ferrexpo:
Rob Simmons r.simmons@ferrexpo.ch +44 207 389 8305
Tavistock:
Jos Simson
Gareth Tredway +44 207 920 3150
Annabel de Morgan ferrexpo@tavistock.co.uk +44 778 855 4035
Notes to Editors:
Ferrexpo is a Swiss headquartered iron ore company with assets
in Ukraine. It has been mining, processing and selling high quality
iron ore pellets to the global steel industry for over 40 years. In
2020, the Group produced 11.2 Mt of iron ore pellets, a 7% increase
on the prior year. The Company is ranked as the world's 3(rd)
largest exporter of pellets to the global steel industry with a
market share of approximately 9%. Ferrexpo has a diversified
customer base supplying steel mills in Austria, Germany, Japan,
South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey,
Vietnam and America. Ferrexpo has a premium listing on the main
market of the London Stock Exchange under the ticker FXPO. For
further information, please visit www.ferrexpo.com.
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END
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