Russian Group EN+ Plans $1.5 Billion Offering in London and Moscow

Russian Group EN+ Plans $1.5 Billion Offering in London and Moscow


Mr. Deripaska offered this year to cooperate with congressional committees investigating Russian meddling in the 2016 election in the United States, but American officials were said to be unwilling to accept his conditions, which included a request for full immunity.

Photo

Oleg V. Deripaska in 2013.

Credit
Johannes Eisele/Agence France-Presse — Getty Images

Maxim M. Sokov, the chief executive of EN+, said in a news release that listing in London and Moscow “will further increase our profile among the international financial community, support our deleveraging plans and give new investors a chance to participate in an exciting yield and growth story.”

“Looking ahead, we are confident that we can create real value for all shareholders, deliver strong growth and pay an impressive dividend,” he added.

EN+ said it intended to list global depositary receipts on the London Stock Exchange and on the Moscow Exchange, adding that it intended to list in London next month.

The company said it planned to use the proceeds to repay a portion of its debt.

As part of the offering, AnAn Group, a Singapore-based strategic partner of CEFC China Energy Company, is expected to act as a cornerstone investor and has committed to purchase $500 million in securities.

EN+ is a producer of hydropower through EN+ Power and of aluminum through Rusal, in which it holds a 48.1 percent stake. EN+ reported revenue of $5.8 billion in the first half of this year.

Citigroup, Credit Suisse, J.P. Morgan, Merrill Lynch International, SIB (Cyprus) Limited and VTB Capital are acting as joint global coordinators on the offering.



Source link

About The Author

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *