RusAl directors approve 30 bln ruble bond placement program
MOSCOW. Feb 14 (Interfax) - The board of directors at Russian aluminum company RusAl voted on Friday to issue 30 billion rubles of bonds, the company said.
Earlier, company market-capital director Oleg Mukhamedshin said the proceeds from the bond-placement would be used to refinance RusAl debt. The company also plans to place roughly 1 billion Yuan worth ($150 million) worth of bonds, issue at least $1 billion worth of Eurobonds, and clinch a new credit agreement on market terms for about $3 billion. RusAl plans to use refinancing to cut loan interest rates to below 6%.
Placement will take place before this May.
The Federal Financial Markets Service (FFMS) registered bond series 07 and 08 for OJSC Bratsk Aluminum Plant (part of RusAl) totaling 30 billion rubles in May of 2010. To circulate for 7 and 10 years, each issue consists of 15 million securities with face value of 1,000 rubles. The issues have been assigned registration numbers 4-07-20075-F and 4-08-20075-F.
OJSC RusAl-Krasnoyarsk is acting as guarantor (to 30 billion rubles at 15 billion rubles per bond tranche for 8 and 11 years, respectively) and OJSC RusAl-Achinsk (volume to 12 billion rubles, 6 billion rubles per bond tranche for 8 and 11 years, respectively).