10 Apr 2013 17:39

Uralkali planning up to $700 mln in debut Eurobonds

MOSCOW. April 10 (Interfax) - Directors at Uralkali have approved the proposed placement of up to $700 million in debut Eurobonds maturing in up to seven years, the potash miner said in a statement.

Uralkali currently has 30 billion rubles in three-year debut exchange-traded bonds that it placed in February 2011 outstanding. The company bought back nearly half those bonds in an offer in August that year.

The company has said it needed to raise additional finance in order to keep its leverage constant and its own and borrowed funds at 70% and 30%.