InfoAnda - Rusal seeks to raise $2.6 billion in Hong Kong IPO

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Mexican presidential hopeful vows drugs war shift | | 27 October 2011
Areva, Mitsubishi announce nuclear fuel tie-up | 22 December 2008
Indonesian graft busters hail official's detention | 1 April 2010

U.S. pays off much of U.N. arrears, now owes $736 million | | 26 January 2011

Forum Views () Forum Replies ()

Read more with google mobile : Rusal seeks to raise $2.6 billion in Hong Kong IPO

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Rusal seeks to raise $2.6 billion in Hong Kong IPO By NATALIYA VASILYEVA and JEREMIAH MARQUEZ,Associated Press Writers - Friday, January 1 Send IM Story Print MOSCOW – Russian aluminum giant UC Rusal will try to raise as much as $2.6 billion by selling shares in Hong Kong in late January to reduce its mountain of debt, the company said Thursday. Among the chief customers for the offering will be the foreign banks which have already loaned Rusal money, and Russian state-connected companies such as bank VEB, which earlier loaned Rusal money in order to keep the company in Russian hands. But the company's prospectus for the minority stake also named high-profile investment funds as participants in the deal. The offering come with a host of restrictions on who can buy the shares and how they're traded, reflecting the concerns of regulators about Rusal's $14.9 billion debt load. Moscow-based Rusal _ run by tycoon Oleg Deripaska _ is seeking to sell more than 1.6 billion shares at a price between 12.50 Hong Kong dollars ($1.61) and HK$9.10, according to the filing with Hong Kong's stock exchange, with the potential proceeds ranging from $1.9 billion to $2.6 billion. The company said it plans to use all proceeds to "reduce outstanding debt and to satisfy other obligations to its creditors." Rusal also has attracted as cornerstone investors Paulson & Co., run by billionaire John Paulson, NR Investments of Nathaniel Rothschild, Asian tycoon Robert Kuok and two prominent hedge funds, according to the prospectus. Paulson and Rothschild have pledged to buy nearly 0.5 percent of Rusal each. Paulson's spokesman couldn't immediately be reached. Major international banks such as Barclays, BNP Paribas, Deutsche Bank and Royal Bank of Scotland, which have spent nearly a year in Rusal debt talks, also look like buyers with vested interests, since it would help reduce fears of a Rusal default that could harm their balance sheets. BNP Paribas and Credit Suisse will act as the IPO's joint sponsors and global coordinators. BofA-Merrill, BOCI, Nomura, Renassiance Capital, Sberbank and VTB Capital are the bookrunners, while Rothschild has been chosen as the financial adviser of the offering. Rusal ran up heavy debts during the credit boom that preceded the world financial crisis. Now it's struggling to pay. It reached a restructuring deal with creditors in early December to repay its $16.8 billion borrowing within seven years. In a separate agreement, billionaire Mikhail Prokhorov acquired 6 percent in Rusal in exchange for taking on $1.7 billion of the company's debt, reducing Rusal's liabilities to $15 billion. State-owned bank VEB, which gave Rusal a $4.5 billion emergency loan early this year, says it will buy 3 percent out of the 10 percent on offer. State-controlled Sberbank and VTB are buying roughly 1 percent each. The banks are likely to follow the same agenda as VEB, which declared while handing out the loan that it wanted to ensure that this key company remains in Russian hands. The IPO has attracted controversy, with critics accusing regulators of undermining Hong Kong's credibility as an international financial center by allowing a company so heavily in debt to list. The city's stock exchange initially declined to approve the listing before reversing course. Regulators seemed to strike a middle ground by limiting the IPO's buyers to "professional investors" or those willing to purchase at least HK$1 million ($129,000) in shares. To start, shares will only be traded in blocks worth nearly $26,000. The Hong Kong Stock Exchange said in the filing that Rusal does not meet the profit test to qualify for listing, but was allowed to float "on the basis of a large market capitalization, revenue of more than HK$500 million and positive cash flows" from its operations. Earlier this year, Rusal announced a landmark deal to restructure its debt as it sought to go public in Hong Kong by the end of the year. Under the terms of Rusal's restructuring deal, the company is not permitted to pay dividends unless its ratio of total net debt to earnings before interest, taxes, depreciation and amortization is 3 to 1 or less. As of June 30, the ratio stood at 47 to 1. The company said in the filing that it does not expect "to be in a position to declare dividends" any time before 2013. Rusal recorded a $15.7 billion profit in 2008 and $3.8 billion for the six months ended June 30, according to the filing. Deripaska, once Russia's richest man, is estimated by Forbes magazine to have lost some $24 billion of his fortune during the financial crisis. Rusal's pricing will take place on Jan. 22 and it will be listed on Jan. 27. ___ Vasilyeva is based in Moscow and Marquez in Hong Kong. Recommend Send IM Story Print Related Articles New payday lending law takes effect in Wash. state AP - 1 hour 37 minutes ago Wells Fargo executives denied cash bonuses in 2009 AP - 1 hour 39 minutes ago Jobless claims hit 17-month low Reuters - 1 hour 42 minutes ago Ethanol safety training to be offered in SD AP - 1 hour 44 minutes ago New Ill. laws limit texting, expand records access AP - 1 hour 46 minutes ago News Search Top Stories London, Paris stocks finish 2009 with big gains Security jitters as world rings in New Year Oil prices rise on last day of 2009 UK honours F1 king, Status Quo stars, but bankers out Japan Airlines 'may stop international flights' More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Van der Sar granted leave after wife collapses Japan Airlines 'may stop international flights' Yeltsin's widow urged husband not to resign: report Picasso painted little guitar found in Italian shoe box: reports Rough ride still ahead for economy: Merkel More Most Viewed » Tiger's wife Elin seeking divorce: reports British priest defends urging people to shoplift Century-old butter found in Scott's Antarctic hut Brazilian confesses to sticking needles into two-year-old Plastics component affects intestine: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Friday, 1 January 2010
Briton freed from Iraqi captivity to go home soon
Finnish mall rampage gunman kills five: police
US-TECH Summary
London, Paris stocks finish 2009 with big gains
Technology not as advanced by 2010 as some had hoped
Iranian authorities demand halt to protests
Iranian authorities vow no mercy to opponents |
UK honours F1 king, Status Quo stars, but bankers out
Police Chief Sentenced To Jail For The Home Break-In Of SJP And Matthew Broderick's Surrogate Mother
Poland seeks Swedish help in Auschwitz theft probe
Kabul demands foreign 'killers' handed over
Security jitters as world rings in New Year
Activists in Gaza and Israel protest Gaza blockade
Joe Francis To Sue Gawker For Calling Him A Rapist
Israel's Netanyahu proposes Egypt peace summit |
Oil prices rise on last day of 2009
British DJ Fired From Radio Show After Cutting The Queen's "Bor-ring" Speech
"Popular" Actress Carly Pope Injured In Vancouver Carjacking
Bennifer Named Worst Couple Of The Decade
Susan Boyle Spends Fifth Week At #1 On Billboard 200 Albums Chart
Roman Polanski Suing Paparazzi For Privacy Invasion
Yemen Shi'ite rebels ready for talks with Saudi |
"Poltergeist" Actress Zelda Rubinstein Taken Off Of Life Support
Paris Hilton's Footwear Line Sued By Shoe Company
Dissident, 82, detained at Moscow rally |
Daughter Accuses Blackstreet's Teddy Riley Of Physical Abuse
Guinea seen stagnant as leader health question drag |
Suspected US missile kills 3 in Pakistan
U.N. to pull some staff from Pakistan over security
Yemen: Visa of Nigerian would-be-bomber expired
Highway 1: prime Taliban target
Pakistan to seek terror charges against Americans
Analysis: 2009 transformed US racial dynamics
Rush Limbaugh felt pains similar to heart attack
Police to seek terror charges against Americans
Vegas hospital sued by another pregnant woman
AP NewsAlert
Obama awaits intelligence reports on foiled attack
AP sources: CIA base chief killed in attack
Sydney celebrates New Year with fireworks show
Pakistan seeks terrorism charges against Americans
CIA: 7 employees killed in Afghan attack
1 dead, many injured in Filipino New Year revelry
Stocks fall moderately as investors close out 2009
NH gay couples to start New Year with wedding vows
NY-to-Paris flight diverted to Maine
Rusal seeks to raise $2.6 billion in Hong Kong IPO
Pakistan security casts pall over stocks rise
Pakistan targets 430 bln rupees in T-bill auctions
Pilot, passenger killed in Indonesia plane crash
S.Korea assembly passes 2010 budget at last minute
AT&T Ends Sponsorship With Woods Over Scandal
Bali warns of New Year terror threat: embassies
U.S. To Help In Filipino Maritime Accident Prevention Drills
Irish radio says Van Morrison denies baby report |
U.S. Embassy In Indonesia Warns Of Bali Attack On New Year's Day
Time Warner Cable, Fox at impasse; blackout looms |
Teddy Bear Not A Bomb
U.S. Unemployment Claims Drop Twice In Two Weeks
Theater owners name Sandra Bullock 2009's top star |
Convicted Murderer Assaults Lawyer After Guilty Verdict
Off-Duty Officer Accuses NYPD Of Racial Profiling
Edgar Degas artwork stolen from French museum |
Producers say 'Finian's Rainbow' to close Jan. 17
Military F-15s Escort Stolen Plane To Airport In Florida Everglades
Rush Limbaugh felt pains similar to heart attack
Degas painting stolen from French museum
Celebrities are frequent targets of extortion
Movie director Jackson named a New Zealand knight
Iraq civilian death toll down to 4,500 in 09-study
Soviet-era Lithuanian nuclear plant shuts down under EU deal
Deadline looms in Fox, Time Warner Cable dispute
U.S. drone attack in Pakistan kills three militants |
Teenager arrested in West Bank mosque blaze
Economy, scandals, politics mar Sarkozy's year
Bus accident kills 18 in Bangladesh |
Sarkozy defends economic record at New Year
Wall Street ends recovery year on weak note
Pakistan's Karachi shuts to protest violence |
North Korea says wants end to hostile U.S. ties |
Nigerian VP says hopes Yar'Adua will return soon |
Britain, Iran downplay Tehran link to Iraq hostages
Obama summons intel chiefs for security talks |
UK reviews security, screening after Detroit attack |
Iraq civilian death toll down to 4,500 in '09: study |
US grapples with complexity of Afghan drug problem
Intel: Alleged US missile kills 3 in NW Pakistan
US missiles kills three militants in Pakistan: officials
Revelers' cheers mark new decade in Times Square
World rings in new decade with parties, security fears
NH gays celebrate new law with Statehouse weddings
White House defends TSA nominee
U.S. drone attack in Pakistan kills three militants
Taiwan leader vows not to seek independence
Judge dismisses charges against Blackwater defendants
China battery maker shut down over lead pollution
CSKA Moscow signs VVV Venlo's Honda
Obama wishes US a happy New Year
China explosives maker sentenced to die
Seattle delays naming park after Italian city
NKorea calls for end of hostile relations with US
Pulitzer-prize winner William Tuohy dies at 83
AP-GfK Poll: Americans hope for best in 2010
Shaolin temple will not go public: state media
World stocks rebound in 2009 but 2010 uncertain
Fox, Time Warner Cable ink temp deal to avoid blackout |
GM India chief says China partnership start of Asia thrust
Toyota's hybrid Prius faces US probe over brakes
S.Korea Dec exports per working day up from Nov
A Minute With: Bryce Dallas Howard in Teardrop |
South Korea Dec exports up far more than expected
S.Korea ruling party pushes budget through
Vietnam says growth 5.32 pct in 2009
Fox grants 'brief extension' in cable dispute
US-ENTERTAINMENT Summary
A Minute With: Bryce Dallas Howard in "Teardrop"
Van Morrison: Birth report 'utter fiction'
Cutoff deadline looms in Fox, Time Warner Cable dispute
Spider-Man joins Disney as Marvel acquisition approved
Singer Van Morrison denies baby report
Radio's Rush Limbaugh has tests after chest pains
PUBLISHERS WEEKLY BEST-SELLERS
USA TODAY BEST-SELLERS
Up to 25 dead in Pakistan volleyball game blast |
Iran's Mousavi ready to die for opposition cause
Afghan authorities distance themselves from CIA investigation
Five dead, 13 injured in French apartment blaze: police
Opposition head Mousavi: Iran in serious crisis |
2005 Air France accident victims get $11.4 mln damages
Iran's opposition leader defiant after new threats
Thousands in new year Hong Kong march for democracy |
UK's Brown calls London meeting on Yemen |
Iran's Mousavi ready to die for opposition cause
Iraq regrets Blackwater case dismissal, may sue |
For CIA, Afghan attack a historic blow
Pope urges lifestyle changes to save environment |
Briton Moore spent part of captivity in Iran: U.S. |
Yemeni forces clash with Shi'ite rebels, kill 11 |
Iraq PM faces wiser competition in national vote |
Italian opts for jail over New Year with relatives |
Thousands march in Hong Kong for democracy
Japan prime minister vows to fix economy in 2010
Thousands in New Year Hong Kong march for democracy
Judge cites gov't missteps, tosses Blackwater case
Bitter news for Malaysians as sugar prices hiked
Fox grants 'brief extension' in cable dispute
Intel: Alleged US missile kills 3 in NW Pakistan
GPS-led travel goes amiss; 3 Ore. parties rescued
China nabs 5,400 people for online porn in 2009
The nation's weather
NYC mayor to give inauguration speech for 3rd term
NKorea calls for end of hostile relations with US
22 NKoreans abandon troubled ship in Philippines
Thousands line up for Pasadena's Rose Parade
Shanghai dairy shut over tainted milk products
Farmers hope 'grown in Wisconsin' sells in China
Farmers hope 'grown in Wisconsin' sells in China
S.Korea's Lee warns against unwinding stimulus too early
Pakistan aims to raise 30 bln rupees in bond auctions
Survey shows China manufacturing expanding
China's manufacturing activity expands in December
Russia imposes minimum vodka price
Thousands line up for Pasadena's Rose Parade
Pakistani stock market shut on security worries
Dubai to open world's tallest building
Bloomberg Set To Take Third Oath As New York Mayor
Medvedev, Putin dance new year cartoon duet
After Deadly Attack On CIA Base, Obama Lauds "Shadow" Patriots
Tight Airport Security In Canada For U.S.-Bound Flights May Last Until Jan. 4
Annual Report From Chief Justice In Line With Economic Downturn
Judge Dismisses Charges Against Blackwater Guards
Obama Taking Stock Of Homeland Security Situation
U.S. Officials To Meet International Airport Leaders For Security Reviews
U.S. Plans New Anti-Drug Operation in Mexico
Brooklyn Apartment Fire Kills Octogenarian Woman
South Dakota Police Searching For Woman Who Attacked Parents
Lake Superior State University Annual Banished Words List Includes 'Tweet' And 'Teachable Moment'
Teddy Bear Not A Bomb
Convicted Murderer Assaults Lawyer After Guilty Verdict
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01