Cyprus Sberbank Investments Limited (Sberbank's structure) became the owner of a 10% stake in Mihajlovsky GOK Metalloinvest, said on Friday, August 10, the GOK. The sale of shares was carried out at market value, say representatives of Metalloinvest and Sberbank. Details of the deal they do not disclose.
"Metalloinvest" is 100% owned by USM Alisher Usmanov. Usmanov's company controls Mikhailovsky GOK through Lebedinsky GOK. The share of the latter after the deal with Sberbank declined to 89.32%.
Mikhailovskiy GOK is the second largest mining and processing company in the group of Metalloinvest after Lebedinsky GOK (a part of Metalloinvest Group) in Russia, providing about 18% of the production of iron ore concentrate and sinter ore in the country.
"The received money will be directed to partial early repayment of the group's loan to Sberbank in accordance with the strategy of optimizing the portfolio of borrowings of Metalloinvest," said a representative of Metalloinvest. As of the end of 2017, the company's net debt was $ 4 billion, its ratio to EBITDA was 1.9. This year, it must pay $ 300 million of debt. At the same time, at the end of the year there were $ 390 million of cash and cash equivalents on accounts, as well as unused credit lines for a total of $ 810 million.
ACRA analyst Maxim Khudalov estimates Mikhailovsky GOK worth about $ 1.5 billion, that is, a deal with Sberbank could cost $ 110-150 million.
Most likely, this is a technical transaction, believes the head of the analytical department of BCS Global Markets Cyril Chuiko: "The bank took the asset as collateral. 10% of GOK is too small a package, that it was interesting to the Savings Bank ".
"Metalloinvest" does not need money so much to sell a stake in a key asset, besides, banks are usually not interested in non-core transactions, "- says Aton analyst Andrei Lobazov. In his opinion, such a transaction is most likely a kind of credit, reminiscent of the sale of Alrosa's gas assets to VTB, followed by their repurchase.
The purpose of the deal is not very clear: Metalloinvest owes Sberbank about $ 880 million, there is no such amount in the repayment schedule for 2018, says Khudalov: "Unless Sberbank wants to become a shareholder of the company, but why - it's not very clear."