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Rusal plans to issue panda bonds worth 1 bln yuan by end 2017

July 11, 11:00 UTC+3 YEKATERINBURG

Russia’s top aluminum producer Rusal still plans a second panda bond issuance worth 1 bln yuan in 2017

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YEKATERINBURG, July 11. /TASS/. Russia’s top aluminum producer Rusal still plans a second panda bond issuance worth 1 bln yuan by the end of this year, CEO Vladislav Soloviev told TASS, adding that the final decision will depend on the market situation.

"Whether (panda bonds - TASS) will be issued by the end of the year will depend on the market," he said.

When asked whether the company plans a third Eurobond issuance this year, he said this is not under discussion as of now.

Rusal floated its first tranche of three-year panda bonds with an option of early redemption after two years on March 21. The offering amounted to 1 bln yuan ($145 mln). The coupon rate was 5.5% per annum.

In early 2017, Rusal registered an issue prospectus for panda bonds with the total amount up to 10 bln yuan ($1.5 bln) and the tenor up to seven years.

Rusal is one of the world’s largest aluminum producers formed in 2007 as a result of the merger of assets of Rusal and Sual with alumina assets of Switzerland’s Glencore.

The shareholders of Rusal are En + of Oleg Deripaska (48.13%), Mikhail Prokhorov’s Onexim (13.7%), Sual Partners of Viktor Vekselberg and Leonard Blavatnik (15.8%), Amokenga Holdings (owned by Glencore and owns 8.75% of Rusal) and the management of Rusal (about 0.25%). The remaining shares are in free float.

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