UMMC to refinance a third of its $5bn debt in 2015

21 October 2014 (09:27)

October 21, 2014. Ural Mining & Metallurgical Company (UMMC) is planning to get one third of its $5bn debt refinanced in 2015, Prime refers to the company’s Director-General Andrei Kozitsin as saying.

Kozitsin explained the company’s primary creditors are Sberbank, Gazprombank, and VTB.

‘We have no intention of borrowing through public offerings. Our debts to the three banks amount to around $5bn, including $1bn owed by Kuzbassrazrezugol. We keep working on our refinancing schemes and the long- and short- term money options. Next year, slightly less than a third of the sum total will be refinanced, and the amount of refinancing will be much greater in 2016 and 2017. I believe we will manage, since most of our produce is exported. We have the resources to convince our creditors, we are a first-rate borrowing party. I think we’ll work this out unless something extraordinary happens,’ Kozitsin said.

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