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. Last Updated: 07/27/2016

Mechel to Place $316M of Bonds

MIRNY, Sakha Republic — Mechel said Friday that it planned to place 10 billion rubles’ ($316 million) worth of bonds before the end of 2009 and issue another 30 billion rubles’ worth in 2010.

“We would like to secure another 10 billion rubles through bond placement before the end of the year and to transfer the remaining 30 billion to next year,” Mechel co-owner Igor Zyuzin told Prime Minister Vladimir Putin.

“Maybe we will do this using a system of state guarantees, as we agreed at a previous meeting in Magnitogorsk. Currently, we are examining ways to do it with the Finance Ministry.”

Mechel, one of the most heavily indebted Russian steel companies, has signed agreements to refinance $2.6 billion of short-term credit facilities. But it has said it planned additional debt issues for up to 75 billion rubles.