Russia's OMZ redeems $30 million credit linked notes

By Reshmi Basu

New York, Nov. 15 - OMZ (Uralmash-Izhora Group/ United Heavy Machinery) said it paid off the $30 million of credit-linked notes which it issued in November 2002.

The redemption is part of a number of measures undertaken to restructure debt, such as increasing the maturity, OMZ said.

The company has increased the average duration of its bank debt to one year from six months and the long-term portion of its debt now stands at 40% of the total.

"We intend to continue our efforts to optimize our debt portfolio and reduce the debt position to $220 million by the end of the year," said Aleksander Filatov, chief financial officer, in a statement,

Moscow-based OMZ is an engineering company.

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