Book size: 1380; Registration: 144A/Reg S;

Metalloinvest Finance DAC (METINR) exp issue ratings NR/BBB-/BBB- (sr debt ratings Baa3/BBB-/BBB-) US$650m 144A/Reg S 7yr guaranteed sr notes due 10/22/28. JPM/SberCIB/SG (B&D) as JGCs/JBRs; DB/Gazprombank/IMI-Intesa Sanpaolo/UBS/UniCredit/VTB as JLMs/JBRs. MWC then 3mos par call. Clean-up call. Guarantors: Joint Stock Company “Holding Company “METALLOINVEST”, Joint Stock Company Lebedinsky Mining and Processing Plant (“LGOK”), Andrei Varichev Mikhailovsky GOK (“MGOK”) and Alexey Ugarov OEMK (“OEMK”). UOP: Refinancing of USD 800m 4.85% Notes due 2024 via tender offer and concurrent consent to allow for the mandatory early redemption of the Existing Notes and for gcp. Pricing 10/13. Settle 10/22. IPTs: 3.625% area. Joint Stock Company "Holding Company "METALLOINVEST" ("Metalloinvest"), one of the largest iron ore, pellet and hot briquetted iron producers and suppliers globally, with senior unsecured debt ratings of BBB- (stable) by S&P, BBB- (stable) by Fitch and Baa3 (stable) by Moody's, has mandated J.P. Morgan, SberCIB and Societe Generale as Global Coordinators and Bookrunners, and Deutsche Bank, Gazprombank, IMI-Intesa Sanpaolo, UBS Investment Bank, UniCredit and VTB Capital as Joint Lead Managers and Bookrunners to arrange a Global Investor Call on 5 October 2021 at 2pm UKT / 4pm MSK / 9am NYT and a series of fixed income investor calls, commencing on 5 October 2021. A Reg S/144A guaranteed senior unsecured benchmark US Dollar offering with a 7-year maturity will follow, subject to market conditions. FCA/ICMA stabilisation applies. In conjunction with the potential new issue, Metalloinvest Finance Designated Activity Company (a wholly-owned indirect subsidiary of Metalloinvest) has announced an invitation to holders of its outstanding 4.85% notes due 2024 to tender any and all of such notes for cash and concurrently to consent to provide for mandatory early redemption of such notes. The early participation deadline is set for 12 October 2021 and the expiration deadline is set for 27 October 2021.

[METALLOINVEST]

Metalloinvest Finance DAC "METINR" exp issue ratings NR/BBB-/BBB- (sr debt ratings Baa3/BBB-/BBB-) exp US$650m 144A/Reg S 7yr guaranteed sr notes due 10/22/28. MWC then 3mos par call. Clean-up call. Guarantors: Joint Stock Company “Holding Company “METALLOINVEST”, Joint Stock Company Lebedinsky Mining and Processing Plant (“LGOK”), Andrei Varichev Mikhailovsky GOK (“MGOK”) and Alexey Ugarov OEMK (“OEMK”). List Euronext Dublin (GEM). English Law. UOP: Refinancing of USD 800m 4.85% Notes due 2024 via tender offer and concurrent consent to allow for the mandatory early redemption of the Existing Notes and for gcp. Settle 10/22 (T+7).

VIA JPM/SberCIB/SG (B&D) as JGCs/JBRs; DB/Gazprombank/IMI-Intesa Sanpaolo/UBS/UniCredit/VTB as JLMs/JBRs.

Having held calls last week, the deal was announced overnight with $650m size and IPT at 3.625%.

Guidance came in at 3.50% area.

Ultimately, the $650m deal priced at 3.375%:

PRICED: $650m 3.375% 10/22/28 100.00 3.375% +199.5 vs 1.25% 9/30/28 (MS+199.5).

As for r/v, the following were used as comps:

RUSSIA (NR/NR/BBB)
RUSSIA 4.250% due 6/23/27 2.23% Z+101
RUSSIA 4.375% due 3/21/29 2.50% Z+110

Phosagro OAO Via Phosagro Bond Funding DAC (Baa3/BBB-/BBB-)
- PHORRU 2.600% due 09/16/28 $99.62 (2.66%; Z+130) - $500m pxd 9/9/21 MS+149.7

Alrosa Finance SA (Baa2/BBB-/BBB)
- ALRSRU 3.100% due 6/5/27 $102.41 (2.64%; Z+141) - $500m pxd Jun 2020

Gaz Capital S.A. (Baa2/BBB-/BBB)
- GAZPRU 4.950% due 02/06/28 $110.16 (3.16%; Z+187) - $900m pxd Jan 2013

Lukoil Intl Finance BV (BBB/BBB+)
- LUKOIL 4.750% DUE 11/02/26 $110.26 (2.57%; Z+143) - $1bn pxd Oct 2016

Norilsk Nickel / MMC Finance Ltd (Baa2/BBB- M/F)
- GMKNRM 2.550% due 11/9/25 $100.66 (2.36% YTW; Z+145) - $500m pd Sept 2020

Novolipetsk Steel (Baa2/BBB)
- NLMKRU 4.700% due 05/30/26 $109.84 (2.32% YTW; Z+128) - $500m pxd May 2019

Veon Holdings BV (BB+BBB-)
- VIP 3.375% due 11/25/27 $100.93 (3.20% YTW; Z+194) - $1.25bn pxd Nov 2020

Really no way to get to a NIC on this one – CONCESSION N/A

Final book size was heard as $1.38bn.