United Co. Rusal expects to complete debt refinancing talks in about four weeks, allowing the world’s largest aluminum maker to start paying dividends for the first time since it listed, said Deputy Chief Executive Officer Oleg Mukhamedshin.
“The company is eager to refinance all of its debt by the end of September,” Mukhamedshin said today on a conference call. “From a technical view, the company will be in a position to start paying dividends.”
Rusal in 2009 went through the biggest corporate debt restructuring inRussia as the global crash in commodity prices coincided with Rusal’s increased borrowing to finance expansion. The company sold shares in Hong Kong in January 2010, the first placement of stock by a Russian company in the city.
Rusal this month hired banks including BNP Paribas SA and ING Groep NV (INGA) to arrange a $4.75 billion loan to refinance debt to international lenders, which may be increased to no more than $5 billion, Rusal said today.
The loan will be split into two tranches of as much as $4.25 billion and as much as $1 billion. The rate will be no more than 285 basis points above the three-month interbank offered rate on the first tranche and fixed at 3.85 percent for the second, Rusal’s report shows.
豫公网安备41010502003434号