Uralkali could borrow 32 bln rubles from VTB, $400 mln from Sberbank
MOSCOW. Sept 10 (Interfax) - Uralkali could raise a five-year unsecured loan facility in the of up to 32 billion rubles with a simultaneous cross-currency interest rate swap from VTB Capital, the Russian potash miner said in a statement.
The Uralkali board has also approved a credit facility of up to $400 million from Sberbank .
Uralkali's shareholders will be asked to vote on the loans on October 22. Registration for the EGM is by September 18.
Uralkali's assets had a book value of 218.273 billion rubles on June 30, 2013. A deal would be considered a major transaction and would by law require shareholder approval if it exceeds 54.57 billion rubles ($1.6 billion) or 25% of its assets.
Uralkali's net debt was $2.257 billion at the end of 2012, compared with $2.3 billion at the end of 2011. Net debt/EBITDA was 0.95.
In April this year, Uralkali placed a debut $650 million in five-year bonds at 3.723% pa. The company raised a pre-export credit facility of $1 billion at LIBOR+2.15% at the beginning of June.