IMC refinanced $20 million of loans
During July-August 2017 IMC, as part of its strategy to reduce credit debt and reduce the cost of credit, refinanced loans for $20 million.
This was reported by the company's press service.
Thus, IMC refinanced loans of Alfa-Bank ($10 million) and the European Bank for Reconstruction and Development ($10.1 million).
According to the press release, due to the refinancing, the company's financial expenses decreased by $850 thousand.
It is planned that by the end of 2017 the total debt of IMC will be about $65 million, which is 22% less compared to 2016.
Let us remind that for the first quarter of 2017 IMC received $5.68 million net loss against $6.01 million for the same period last year.