Russneft owner says will use IPO funds to pay back debt

MOSCOW (Reuters) - Mikhail Gutseriyev, a co-owner of the Russian mid-sized oil company Russneft, said on Friday he will use funds raised in an initial public offering to pay back debts and on new acquisitions. Gutseriyev, whose family raised 32.4 billion roubles ($501.8 million) in the IPO deal, said Russneft will spend 90 billion roubles on capital expenditures in 2017-2019. ($1 = 64.5735 roubles) (Reporting by Olga Popova and Olesya Astakhova; Writing by Andrey Ostroukh; Editing by Vladimir So