The Russian shipping conglomerate said it will buy up to $85m worth of its senior secured notes and up to RUB 4bn ($68.7m) of its series BO-02 rouble bonds.

“The cash tender offers are initiated by FESCO to efficiently use the opportune time and market conditions to reduce the overall leverage,” the Moscow-listed company said.

Fesco plans to raise rouble-denominated financing to pay for the transaction.

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