Russia's Rusal gets OK to list bonds, moving offering one step closer

By Angela McDaniels

Tacoma, Wash., Aug. 23 - United Co. Rusal plc's expected issue of bonds has been deemed eligible for trading on the Micex Stock Exchange, according to a company news release.

As previously reported, the company said on June 18 that it plans to issue up to RUB 30 billion of exchange-traded bonds.

On Thursday, the company said the final decision on the sale of the bonds will be made at a later stage subject to its financing needs, prevailing market conditions and final approval of the board.

The bonds would be issued in four series through indirect wholly owned subsidiary OJSC Rusal Bratsk Aluminium Smelter. The first two series would be in amounts of up to RUB 10 billion each, and the third and fourth series would total up to RUB 5 billion each.

All four tranches would have maturities of up to three years.

The bonds would have put options and/or call options.

Proceeds would be used to finance general corporate purposes, including refinancing and funding capital expenditures.

Rusal is an aluminum company based in Moscow.

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