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Russia's RUSAL postpones IPO roadshow until Dec 7

Friday, Nov 27, 2009
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MOSCOW/LONDON, Nov 26 (Reuters) - Russia's UC RUSAL, the world's biggest aluminium firm, postponed a roadshow for its initial public offering to Dec. 7 but its debt restructuring deal is all but complete, banking sources told Reuters. RUSAL is hoping to raise around $2 billion from a stock market flotation in Hong Kong and Paris to help pay down its mammoth debt pile, but can only go ahead with the move if it strikes a debt restructuring agreement with around 70 international lenders. [ID:nL1605803] "RUSAL postponed a roadshow by several days, but it still has enough time to strike the deal this year. Simply, the pre-marketing period will be cut," a banking source close to the deal told Reuters on Thursday. "As of today they have got 98.1 per cent of Western banks credit-approved on the restructuring agreement, but subject to documentation," a second banking source said. (Reporting by Oksana Kobzeva and Polina Devitt in Moscow, Christopher Mangham in London, Writing by Dmitry Sergeev, Editing by John Bowker) ((dmitry.sergeev@reuters.com; +7 495 775 1242;

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