RUSAL to expected to announce debt restructuring deal on Wed - FT
LONDON/MOSCOW. Dec 2 (Interfax) - United Company RUSAL (UC RUSAL) is expected to announce on Wednesday a deal to restructure $7.4 billion in debt, the Financial Times reports.
The Blue Crest hedge fund, which RUSAL owes $50 million-$100 million, was the last hold out opposing the deal, Vedomosti reported. But on Tuesday night the committee of creditors said in a conference call with the banks that Blue Crest had agreed the restructuring, and would sign the document on Wednesday, sources told Vedomosti. The announcement that the deal has been formally concluded is expected on Wednesday or Thursday.
On Thursday the Hong Kong Stock Exchange is expected to hold a follow-up meeting to examine RUSAL's application for a listing.
RUSAL plans to place 10% of shares in an IPO on exchanges in Hong Kong and Paris. The road show for the IPO is scheduled to begin on December 7.
According to unofficial information, the IPO organizers include Credit Suisse, BNP Paribas, Bank of America, Bank of China, Renaissance Capital, VTB , Sberbank Russia and Troika Dialog .
RUSAL CEO Oleg Deripaska owns about 57% of shares via En+. His stake will shrink to 53.4% in a debt restructuring deal that will see the stake held by Mikhail Prokhorov's Onexim rise to about 19%. Other RUSAL shareholders include Sual Partners, led by Vekselberg and Swiss metals trader Glencore.
Vnesheconombank (VEB) is expected to purchase shares in the IPO amounting to as much as 3% of RUSAL equity.
RTS$#&: SBER, TROY, VTBR