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. Last Updated: 07/27/2016

Yukos Pays Off $467M of Debt

Yukos, Russia's No. 2 oil company announced Tuesday that it had fully repaid short-term syndicated loans arranged by ING Barings, London; Soci?t? G?n?rale, Paris; Credit Lyonnais, Paris; and a pool of Hungarian banks.

Yukos' repayments total $467 million, of which $245 million matured in 1999. As of Oct.12, Yukos' total debt had decreased to $933 million from $1,252 billion, the company said in a statement.

Yukos' outstanding debt now comprises only mid-term and long-term obligations with a maturation period of more than one year. By the end of 1999, the company will have reduced its debt by 35 percent in comparison with Jan. 1 1999, the statement said.

As a result, the company's total indebtedness, which includes borrowings by Yukos subsidiaries, will be reduced to $810 million. By the end of 1999, 56 percent of the company's total remaining debt ($453 million) will consist of credits secured by oil and oil products.

The Yukos Oil Company is the world's fourth-largest oil and gas company in terms of proven reserves, it said.