13 Dec 2010 13:42

Metalloinvest slashes debt $1.2 bln since Jan 1

MOSCOW. Dec 13 (Interfax) - Alisher Usmanov's Metalloinvest reduced debt $1.2 billion to $4.2 billion between January 1 and December 1, the company said in a statement.

Metalloinvest subsidiaries paid 7.6 billion rubles on loans in November alone. OJSC Urals Steel paid Sberbank 3.1 billion rubles and Bank of Moscow 3 billion rubles, and OJSC Mikhailovsky GOK paid Sberbank 1.5 billion rubles.

Money was repaid with internal funds and by refinancing debt.

Metalloinvest expects its debt/EBITDA to be 1.55 by the end of 2010. It "continues to optimize the loan portfolio by deleveraging, by lowering average-weighted interest in accordance with market conditions and increasing the share of long-term loans," the statement said.

Sberbank opened non-renewable three-year credit facilities totaling 60 billion rubles for Metalloinvest subsidiaries in June.