UPDATE 2-Uranium One registers for bond offering in rubles
* Ruble-denominated bonds valued up to $950 million
* Would be first foreign company to issue debt in Russia
Nov 11 (Reuters) - Canada uranium miner Uranium One said on Friday that it had registered a prospectus with Russian security regulators for a ruble-denominated bond offering valued at about $950 million.
The bonds are issuable in two series, one worth up to 16.5 billion rubles ($540.2 million) and a second valued up to 12.5 billion rubles. The term is up to 10 years.
If issued, the bonds will trade on the Russian MICEX exchange, the company said. It added that the commercial terms have not yet been set and the bonds are subject to approval by Uranium One's board of director, with no guarantee that there satisfactory terms will be arranged.
"If the transaction takes place, it would be the first occurrence of a foreign company issuing debt in Russia," BMO Capital Markets analyst Edward Sterck said in a note to clients.
He noted that the funds raised would be close to the $1 billion Uranium One needs to buy the Mkuju River uranium project in Tanzania.
The Canadian uranium producer is developing the Mkuju River project, which it has the option to buy from its majority shareholder, JSC Atomredmetzoloto (ARMZ).
Uranium One, which owns projects in Kazakhstan, Australia and the United States, is 51.4 percent owned by ARMZ, a division of Russia's state-owned nuclear giant Rosatom.
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