Uralkali has secured financing of the acquisition of a 20% stake of Silvinit

25.02.2011
February 24, 2011 - Sberbank of Russia provided a 12 bln rubles loan facility to Uralkali with a maturity of two years in conjunction with a cross-currency interest rate swap. The Company thereby benefits from the competitive pricing resulted from swap operations compared to direct dollar financing.

February 25, 2011 - Uralkali has finished the placement of its debut BO-01exchange-traded bonds (identification number 4B02-01-00296-A, admitted to trading 12.01.11). A total of 26 bids were placed for the sum of 30 bln rubles, nominal value. The first coupon was set at 8,25% p.a., which equals 41,14 rubles per bond. The second to sixth coupons were set at the same level. The Exchange traded bonds have been admitted for listing onto quotation list B of MICEX. The organizer of the placement was JSC VTB capital. Together with the exchange-traded bond placement, the Company entered into a cross-currency interest rate swap transaction, hedging its ruble bond obligations. These transactions helped the Company to obtain competitive terms for USD financing. The effective pricing for the 3 years finance in USD, resulting from the swap, is significantly lower than the bond coupon rate.
  
The funds received as a result of bonds placement and loan facility provided to Uralkali along with interest rate currency hedges helped Uralkali to secure financing of the acquisition of 20% stake in Silvinit. The Company has also managed to improve its loan portfolio composition by lengthening the average maturity. The average loan portfolio interest rate is ranging around 4,5% p.a.
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