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Norilsk Considering Using Financial Instruments In 2010
May 19,2010 09:18CST
industry news

MOSCOW, May 19 -- Russian miner Norilsk Nickel Mining & Metallurgical Co. (GMKN.RS) said Tuesday it is considering issuing some financial instruments in 2010, probably ruble-denominated bonds, depending on the markets.

"We are considering an issue of some financial instruments depending on market and pricing situation and currency markets," the company said at an investor seminar in London.

"We will decide on using debt instruments."

Chief Executive Officer Vladimir Strzhalkovsky said Norilsk carried out preliminary work on a ruble-denominated bond that could be issued in several tranches.

At the end of 2009, total debt stood at $5.3 billion with net debt of $1.7 billion.

In the first quarter of this year Strzhalkovsky said Norilsk paid $345 million and by the end of June will have repaid $1.83 billion using its own cash.

The company's chief executive also said it wasn't clear whether mergers would be good for the company, noting that a full merger with Russian aluminum giant United Co. Rusal PLC (0486.HK) doesn't make sense right now given the aluminum producer's debt load.


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