* Ruble-denominated bonds valued up to $950 million
* Would be first foreign company to issue debt in Russia
Nov 11 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
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.