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Metalloinvest redeems US$750M bond

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Metalloinvest redeems US$750M bond

,Russia's largest iron ore producer, said July 22 it repaid a five-year US$750million Eurobond issued in 2011 in line with plans to reduce total debt amiduncertain global demand for steel.

Acompany spokesman also told SNL Metals & Mining on July 22 thatMetalloinvest probably would not buyback and refinance its US$1 billionEurobond maturing in 2020, because of a lack of cash following the recent bondredemption and the "already low" 5.625% coupon rate on the remainingdebt.

OtherRussian metals and mining groups, including steelmaker , recently tookadvantage of investor demand for higher-paying Russian debt, by new bonds with lower borrowingcosts and offering to buyback older debt.