Ukrainian mining and steel group Metinvest Holding (Metinvest) has announced that its subsidiary Khartsyzsk Pipe Works (KhPW), specialized in the production of large diameter steel pipes for the oil and gas industry, has fully repaid a $39.5 million credit facility provided by VTB Bank (Ukraine) in June 2010.
Accordingly, the loan, originally due for repayment on May 31, 2013, was used to support Metinvest's working capital requirements.
"The repayment of the loan ahead of schedule is fully in line with our strategy of decreasing the senior secured share of the company's total debt and further strengthening our balance sheet," said Metinvest in its statement.