UC RUSAL agrees debt restructuring, looks to IPO

Dec 2 (Reuters) - Russian aluminium group United Company RUSAL reached agreement with foreign creditors to refinance $7.4 billion of loans in Russia's biggest ever debt restructuring, and can now proceed with a $2 billion IPO in Hong Kong and Paris, banking sources said. Here are some facts and figures about the company: WHAT IS UC RUSAL? UC RUSAL is the world's biggest aluminium producer with an output of 4.4 million tonnes in 2008, or 11 percent of the global market. It leads U.S. group Alcoa, Rio Tinto unit Alcan and Chinese state-owned Chinalco in the top ranks of producers. UC RUSAL's operations are chiefly in Russia but it also has assets in 18 other countries, including Jamaica, Ireland, Guinea and Australia. The company has over 75,000 employees worldwide. WHO OWNS IT? UC RUSAL was formed in March 2007 via the combination of three separate entities: RUSAL, SUAL and a subsidiary of Swiss commodities trader Glencore. The original RUSAL was owned by oligarch Oleg Deripaska, formerly Russia's richest man, and he controls around 57 percent of the enlarged group. Shareholders in fellow Russian aluminium producer SUAL, led by Victor Vekselberg, own around 19 percent, while Glencore has just over 10 percent. The fourth major shareholder is Russian magnate Mikhail Prokhorov, who owns 14 percent through his Onexim group after selling RUSAL a stake in nickel miner Norilsk Nickel near the top of the market last year. Prokhorov, currently Russia's richest man and the owner of U.S. basketball team the New Jersey Nets, is owed around $2.8 billion by the company and is expected to increase his stake as part of the restructuring in return for a debt reduction. HOW BIG ARE ITS DEBTS? UC RUSAL has racked up debt of $16.8 billion, including a $7.4 billion chunk owed to over 70 international banks. Although information on its finances have been kept private, media reports have said the group is billions of dollars in the red after the global economic crisis sent industrial demand and prices of aluminium tumbling. Russian state bank VEB is the biggest single creditor, owed $4.5 billion, while other Russian banks are owed $2 billion between them and Prokhorov $2.8 billion. Sources: Reuters, RUSAL website.