Russia’s IMH plans to cut debt by 10 bln rbl in 2016

MOSCOW, May 10 (PRIME) -- Russia’s Industrial Metallurgical Holding (IMH), earlier known as Koks Group, may cut its debt burden by 10 billion rubles until the end of 2016, Sergei Frolov, vice president for strategy and communications, said Tuesday in a conference call.

As of December 31, 2015, the company’s net debt amounted to 52.984 billion rubles, and total liabilities stood at 57.018 billion rubles. Eurobonds account for about 39% of the company’s debt.

“We plan to cut the debt by 10 billion rubles by the end of 2016. But it will also be acceptable if we redeem only 80% of the sum,” he said.

IMH’s Vice President for Finance Sergei Cherkayev said the company has enough funds to redeem Eurobonds worth U.S. $134 million that are left in circulation after two conversions in June. “Theoretically, the company does not rule out another exchange of bonds,” he said.

(66.1928 rubles – U.S. $1)

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