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Russia's Rusal plans RUB 60 billion corporate, exchange-traded bonds
By Marisa Wong
Madison, Wis., June 18 - United Co. Rusal plc's board of directors announced the proposed issuance of up to RUB 30 billion of corporate bonds and up to RUB 30 billion of exchange-traded bonds.
The corporate bonds will be issued through indirect wholly owned subsidiaries OJSC Rusal Krasnoyarsk Aluminium Smelter and OJSC Rusal Achinsk Alumina Refinery. The exchange-traded bonds will be issued through indirect wholly owned subsidiary OJSC Rusal Bratsk Aluminium Smelter.
Both types of bonds will be offered in four series. The first two series will be in amounts of up to RUB 10 billion each, and the third and fourth series will total up to RUB 5 billion each.
All four tranches of corporate bonds will have maturities of up to 10 years, and all four tranches of exchange-traded bonds will have maturities of up to three years.
The bonds will have put options and/or call options.
Proceeds will 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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