Russia's RUSAL postpones IPO roadshow to Dec 7
Saturday, Nov 28, 2009
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* Still to complete stockmarket registration - sources
* Just a cut to the IPO premarketing period -source
* Mammoth debt restructuring deal all but complete -sources
MOSCOW/LONDON, Nov 26 (Reuters) - Russia's UC RUSAL, the world's biggest aluminium firm, postponed a roadshow for its share offering to Dec. 7, but the debt restructuring deal it depends on 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.
"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.
RUSAL, controlled by Russian oligarch Oleg Deripaska, earlier planned to be ready to start meeting investors as early as Nov. 30.
"As of today they have got 98.1 per cent of Western banks credit-approved on the restructuring agreement, but it's subject to documentation," a second banking source said.
Hong Kong regulators discussed Rusal's listing on Thursday but decided to make the final decision on the IPO at its next regular meeting on Dec. 3, a source close to the deal said.
"The deal is 99 percent signed. The roadshow will start at Dec. 7," a third source said.
UC RUSAL plans to float a tenth of its stock.
Russia's state banking agent VEB is aiming to buy up to 3 percent of the company while Chinese firms are also being targeted as cornerstone investors.
"The IPO has now been registered in HK and it seems on track, assuming we complete the restructuring documentation on time," the second banking source said.
"We've signed various documents but it's a complex process... The legal opinions alone have got to cover everywhere from St Lucia to Jamaica to Ireland to Ukraine, never mind England and Russia," the source said.
(Reporting by Oksana Kobzeva and Polina Devitt in Moscow, Christopher Mangham in London, Writing by Dmitry Sergeev, Editing by John Bowker/Will Waterman)