to finance deal to buy out “Uralkali” shares held by ONEXIM group of Mikhail Prokhorov, is Sberbank. As it became known to RBC, “Uralkali” attracted him for this purpose $ 1.7 billion line of credit, approved in March
«Uralkali” prepares for the transaction to repurchase its own shares from ONEXIM Group of Mikhail Prokhorov. To this end, the company raised $ 1.7 billion from Sberbank, told RBC a source familiar with the terms of this transaction. The fact that the deal is ready to finance the Savings Bank, on Saturday, citing sources in the banking circles as reported “Interfax».
The loan was issued under the credit facility to $ 3.9 billion, the receipt of which shareholders’ meeting of Uralkali “approved in March. Under it the company has laid a package quasi shares of 20.1%. Then “Uralkali” reported that plans to use the money to refinance loans and general corporate purposes. A source familiar with the shareholders of “BRIC”, in May, RBC said that this line can be used for the repayment of Onexim’s stake in “Uralkali” as well as the repurchase of shares from minority shareholders.
Now “ONEKSIM” owns 20% of the company, “Uralchem” Dmitry Mazepin – 19.99%, the rest – on the balance of quasi-package “daughter” Company “Uralkali technology.” In December 2015, “Uralkali” approved the holding of the delisting of its shares from the London Stock Exchange, but a small block of shares of “BRIC” is still listed on the Moscow Stock Exchange
Sberbank representatives and “Uralhima” declined to comment, a spokesman for ONEXIM -. Not provided commentary at the time of publication. The representative of “BRIC” said that rumors would not comment. “The company spends buyback – up to 4% of the shares. Other actions require new corporate approvals. Until there are none, “- he said he
The fact that ONEXIM could sell the shares of” BRIC “in early June, reported Bloomberg, citing its own sources.. The final decision on the matter ONEXIM, however, did not accept the claim the two interlocutors RBC, “Uralkali” close to the shareholders. The structure of a possible deal sources did not comment, but argue that it definitely will not be a direct sale of shares Mazepin
ONEXIM Package “Uralkali” laid on the repo transaction:. Before the lender was VTB, but this year ONEXIM refinanced this credit in the Savings Bank, told RBC a source close to one of the parties to the transaction. “Uralkali” can repay the debt and take action themselves, says one of the interlocutors RBC. Dmitry Mazepin thus become the main owner of the company. Mazepin ONEKSIM no plans to offer a premium to the current share price “Uralkali” on the stock exchange, the source said RBC. The capitalization of “BRIC” on the Moscow Stock Exchange – 558 billion rubles, or $ 8.5 billion (at the exchange rate on Friday, June 18).. Thus, Onexim package now costs $ 1.7 billion.
«Uralkhim” and ONEXIM became owners of “BRIC” in 2013, bought 48.75% of the company shares from Suleiman Kerimov. “Uralkhim” took on the purchase of its share of about $ 4 billion. How many paid while ONEXIM unknown. Bloomberg wrote in early June that the group would like to return invested in “Uralkali” $ 4 billion. According to calculations, “Vedomosti”, with the date of purchase ONEXIM could get from “Uralkali” 1.04 billion rubles. dividends. In addition, within the framework of the share buyback Mikhail Prokhorov’s holding company sold about 7% of “BRIC” for about $ 700 million.
Mazepin plans to make “Uralkali” a private company, to transfer loans taken for the purchase of its shares on the operational level, and maintain them out of the company’s cash flow, but not at the expense of its dividend, as of now, says one of the interlocutors RBC. Depending on the price of fertilizer, “Uralkali” will be able to repay the loans for 3-7 years, after which the company will be “generator cache” – he argues. But the debt burden of “BRIC” is already high: at the end of 2015 it amounted to 2,8 EBITDA (net debt – $ 5.4 billion)
In preparing the material was Timothy Dzyadko .
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