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RUSAL places $600 mln Eurobonds at 5.125%

January 27, 2017 | Prime

Russian aluminum giant UC RUSAL is placing U.S. $600 million 5-year Eurobonds at 5.125%, a banking source told PRIME late Thursday.

The initial yield guidance stood at around 5.375% annually and was later lowered to 5.25% and then to 5.125–5.25%.

The bid book was oversubscribed almost twice. At the initial guidance the bid book stood at around $2 billion, a source close to the placement said, adding that the offering would be completed soon.

The banking source said that 19.5% of the total bids were submitted by Russian investors, 27% by investors from continental Europe, 17.5% from the U.K., 19% from the U.S., 15.5% from Asia, and 1% from the Middle East.

RUSAL held meetings with investors in Europe, North America, and Asia in the period from January 20 through Wednesday.

J.P. Morgan, Credit Agricole, Citi, Credit Suisse, Gazprombank, ING, Raiffeisen Bank International, Sberbank CIB, Renaissance Capital, SG, UBS, UniCredit Bank, and VTB Capital act as the placement’s organizers.

RUSAL said it plans to use proceeds from the Eurobond placement to refinance existing loans.

Company: Rusal Capital

Full company nameRusal Capital D.A.C.
Country of riskIreland
Country of registrationIreland
IndustryFinancial institutions

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