日本経済新聞 2009/12/15 夕刊
ロシアのアルミ王、債務返済にメード 政府の支援で危機回避
経営再建中のアルミニウム世界最大手のUCルサールが3日、全債権者と債務返済計画の見直しで合意した。同社はひとまず経営の危機を回避し、今後は中国での株式公開(IPO)とアルミ市場開拓を目指す（→延期）。再び成長戦略をうかがうまでこぎつけられた裏にはロシア政府の支援があった。
2009/12/3
UC RUSAL says agrees $16.8 bln debt restructure
Russia's UC RUSAL, the world's biggest aluminium producer, said on Thursday it had signed an agreement to restructure its $16.8 billion debt.
As part of the restructure, one of its shareholders, ONEXIM Group, will convert part of its $2.7 billion debt into a 6 percent additional shareholding in RUSAL, it said in a statement.
A total of more than 70 lenders took part in the restructuring of some 50 credit agreements, it said.
債務総額168億ドルのうち、外国銀行団70行以上からの74億ドルは最長7年間、返済を繰り延べることで合意した。ロシアの国営銀行など国内債権者とも話はついており、これでIPOへの道が開けた。ルサールは近く、発行済み株式数の10%にあたる新株を香港とパリの株式市場で発行し、20億〜25億ドルの資金調達を目指す。
しかし、同社を事実上支配するオレグ・デリパスカ氏の表情はさえない。「これまで外国から借りすぎた」「今後3〜4年、国外投資は慎重に考える」ーー。発言はおとなしく、ロシア一の富豪と呼ばれた昨年前半までの勢いはない。それもそのはずだ。この1年はコストカットと金策に追われたうえ、政府に頭が上がらなくなった。
つまずきの源は2つある。一つはM&A(合併・買収)による急激な事業拡大路線。同氏は金属、自動車、航空、保険、建設など様々な事業を手当たり次第、買収した。最大の資産であるルサールも2007年、同業2社との統合で世界一となり、豪州、南米、アフリカに買収先を広げた。
もう一つはM&A用の資金を、買収先の資産を担保に短期の外貨建て銀行借り入れで調達する手法。ルサールは昨春、ニッケル最大手「ノリリスクニッケル」の株式25%を取得する際、45億ドルを外銀から借りた。ところが担保のノリリスク株が昨秋の金融危機で急落。担保割れを補えなくなったことで、保有資産の値上がりを前提としたビジネスモデルが突如崩壊した。
この民間企業の危機にロシア政府は迅速に反応した。国営の対外経済銀行は即座に45億ドルの肩代わり融資を決定、同社を破綻から救った。その後もある民間銀行が強引に債権回収を図り裁判闘争に持ち込もうとすると大統領自ら仲介した。
政府の狙いは富豪を救済するというより、ニッケルや希少金属をもつ戦略企業の所有権が海外移転するのを防ぐことと、雇用を維持して社会不安が広がるのを抑えるためだとする見方が多い。プーチン首相は今夏、デリパスカ氏が傘下企業の生産停止を決めるとすぐさま見直すよう厳命した。
IPOは香港取引所の承認待ちだが、成功すれば債務の削減を進められる。同時にアジア市場での知名度を高め、今後アルミ需要の拡大が見込める中国とインドで販売を強化することも狙っている。10月には中国の武器メーカー、ノリンコと7年で168万トンのアルミ供給で合意した。
無謀とも思える拡大戦略で一度は挫折したルサールが国家の支援でからくも生き残った。次は企業経営者としてのデリパスカ氏の資質が問われている。
- 2008/10
- ロシア第一の富豪デリパスカ氏が率いる世界最大のアルミ企業ＵＣルサールが 政府から45億ドルの融資を受けることが明らかになった。
31日が期限の対外債務の返済資金を工面できず政府が救済に乗り出した。
ロシアでは石油各社も政府融資を要請。資源高を背景に急速に事業拡大してきた各社の経営悪化が浮き彫りになってきた。
現地紙などによると、政府は危機対策として設定した500億ドルの融資枠から 国営対外経済銀行を通じて資金を供給する。民間企業への過去最大の公的資金投入となる。
ルサールはニッケル最大手ノリリスクニッケルの25％の株式取得の際に同株を担保に 外国銀行から資金を借り入れていた。
---
2009/12/1
露富豪、事業提携求め協議 空港や建設、金融に投資家関心
ロシア経済が回復の兆しを見せるなか、同国の資産家、オレグ・デリパスカ氏（４１）は、所有する複合大手ベーシック・エレメント傘下の空港や建設、金融サービス事業の提携先を求め、各国投資家らと交渉を進めている。
ベーシック・エレメントの投資責任者、チムール・スパタエフ氏はブルームバーグ・ニュースの問い合わせに電子メールで「当社の傘下事業のいくつかに関心
が集まっており、ロシア、中国、シンガポール、アラブ首長国連邦（ＵＡＥ）、西欧諸国からの投資家が増えている。目下、交渉中だ」と答えた。
世界的な市況商品（コモディティ）需要がロシアの輸出企業を支え、内需が回復するなか、同国経済は危機から脱しつつある。４〜６月期の国内総生
産（ＧＤＰ）成長率は前年同期比１０．９％のマイナスで過去最悪だったが、７〜９月期は同８．９％マイナスへとやや上向いた。１０月には実質可処分所得が
１年以上ぶりの上げ幅を示し、小売業の売上高も９月から上昇している。
スパタエフ氏は「いくつかの産業分野は投資家を引きつけている。底打ちし、大規模な融資なしで急激な回復を見込めるからだ。パートナーとともに現在の経済情勢の波に乗り、投げ売り状態の資産を取り込んで市場で主導権を獲得したい」と意気込みを示した。
また、傘下の事業について「世界的な金融危機が後退し、どの企業も安定した収益を上げている。多くがすでに危機から回復しており、わずかながらも黒字だ。危機下の価格水準で傘下事業の株式を売却するつもりはなく、経営権を手放すつもりはさらさらない」と述べた。
ベーシック・エレメント傘下でアルミ世界最大手の露ユナイテッド・カンパニー・ルサール（ＵＣルサール）は１４０億ドル（約１兆２１５０億円）
に上る債務の返済に窮し、香港株式市場で１２月前半に１０％の新規株式公開（ＩＰＯ）を予定している。デリパスカ氏は昨年には、担保としていたドイツの建
築会社ホッホティーフとカナダの自動車部品最大手マグナ・インターナショナルの株式譲渡を余儀なくされ、ルサールの株式も一部売却している。
-------------------
Hong Kong Delays UC
Rusal's $2 Billion IPO
World's largest aluminum maker
will have to wait to list its shares in Hong Kong.
United Company Rusal's ambition to be the first Russian firm to
list its shares in Hong Kong suffered a setback Monday when the
listing committee of the city's stock exchange declined to grant
approval.
Sources close to the deal said Rusal will have to meet some
conditions, according to Reuters. The sources provided no further
details except to say that the conditions couldn't be met within
a matter of days.
As a result, the IPO, which is expected to sell 10% of Rusal and raise as much as US$2.5 billion to help pay off creditors, is likely to take place in the first half of next year, not this month as planned, people close to the situation said. Provided markets remain strong, the delay shouldn't be a major problem for the company, since its first debt-payment deadlines are late next year, these people said.
Controlled by the Russian
tycoon Oleg Deripaska, Rusal has been pursuing a dual
listing in Hong Kong and Paris of up to 10% of the company's
shares. The funds raised by the IPOs are intended to be used to
pay down heavy debts the aluminum maker incurred during its
expansion before the financial crisis.
Rusal wanted to list its shares in Hong Kong to capitalize on a
market where stock prices have surged 53% this year. It had been
planning to kick off a road show to market the flotation to
potential investors on Tuesday. This latest setback is likely to
delay the listing until the first quarter of next year.
Just last week, preparations appeared to be on track after Rusal
clinched a $17 billion debt-restructuring deal. More than 70
Russian and foreign lenders were involved in negotiations that
led to about 50 agreements to provide credit.
On Monday, the Russian state-controlled bank Vnesheconombank, or
VEB, said it was planning to be a cornerstone investor in the IPO
by purchasing a 3% stake in Rusal. VEB also happens to be one of
Rusal's creditors: It lent the company $4.5 billion late last
year as part of Moscow's bailout program.
Another creditor and shareholder of Rusal is Russia's richest
man, Mikhail
Prokhorov.
His investment company, Onexim Group, has agreed to convert part of
its $2.7 billion in loans to the company into an additional 6%
stake in the aluminum maker.
Prokhorov managed to preserve his wealth better than many of his
compatriots through a series of well-timed asset sales at the
height of the market in April 2008. Forbes estimates his wealth
fell 51% last year to $9.5 billion, most of which is believed to
be in cash. Prokhorov's most notable transaction would probably
be the sale of his 25% stake in Norilsk Nickel to
Deripaska.
Norilsk Nickel is the world's largest nickel and palladium miner.
The value of its stock plunged along with other commodities
during the global financial crisis.
Deripaska had been Russia's richest man -- richer than Prokhorov
-- but his net worth tumbled from $28 billion
in 2008 to $3.5 billion this year. Faced with a number of
margin calls from Western banks, Deripaska had to sell his $1.5
billion stake in the Canadian carmaker Magna International as
well as a $500 million stake in the German construction company
Hochtief.
A former business partner of Deripaska, Michael Cherney, has
filed a lawsuit in London against the Russian billionaire
claiming that he is owed a 13% stake in Rusal.
ーーー
Rusal, controlled by
tycoon Oleg Deripaska, has enjoyed some of the strongest support
from the Kremlin of any Russian industrial company in the crisis,
including a $4.5 billion bailout loan from a
state bank issued just over a year ago.
It was the one-year loan, granted by Vneshekonombank, or VEB,
that raised concern among Hong Kong officials, according people
close to the situation. The bank, headed by Prime Minister
Vladimir Putin, approved a one-year extension last
month. But
Hong Kong regulators want either clearer assurances that the loan
will be extended further when it comes due in October 2010 or
changes in terms to make it less onerous to the firm, these
people said.
The loan was granted at the height of the financial crisis as
part of a Kremlin program to prevent heavily indebted local
companies from losing major assets they had pledged to foreign
creditors. Rusal's foreign lenders were threatening to
seize its 25% stake in arctic metals giant OAO Norilsk Nickel, considered a strategic company in
Russia. As a condition of the bailout, VEB took the Norilsk stake
as collateral, along with substantial stakes in key Rusal units.
Last week, Rusal's foreign lenders agreed to restructure $7.4
billion in debt, stretching repayment over seven
years. VEB,
however, hasn't extended the bailout loans
for any of its borrowers beyond October 2010.
Early Monday,VEB head Vladimir Dmitriev said that the bank would
consider requests from borrowers to extend the loan further and
that legal changes are in the works that would allow the bank to
make such loans for more than one year. VEB also has approved
plans to be among the biggest single investors in the IPO, buying as much as
a 3% stake. He noted that VEB had tailored the
renewal terms for Rusal's loan to be similar to those agreed with
commercial banks.
"We made the decision deliberately, based on the expectation
that the issue will be successful," he said.Mr. Dmitriev
said the bank could "in principle" consider releasing
some of the collateral held against the loan to Rusal. The market
value of the Norilsk stake alone now more than covers the loan
amount.
A longer extension or release of some of the collateral could
help reassure the Hong Kong regulators, a person close to the
situation said. He said the delay in exchange approval wasn't
related to a lawsuit now being heard in London in which a former
partner of Mr. Deripaska claims he is owed a 13% stake in Rusal.
Mr. Deripaska denies that.
People close to Rusal said demand for the IPO remains strong,
with VEB likely to be joined by OAO Sberbank, a state-controlled
Russian bank, among major investors. Such so-called cornerstone
investors are expected to take about half the shares on offer,
one person close to the situation said.
ーーーーーーーーー
TIMELINE-UC RUSAL's debt problems
Russian aluminium group
United Company RUSAL has reached agreement with foreign creditors
to refinance $7.4 billion of loans in Russia's biggest debt
restructuring, and can now proceed with a $2 billion IPO in Hong
Kong and Paris, banking sources said.
Here are key events
in UC RUSAL's debt problems:
April 24, 2008 -
Completes the purchase of 25 percent of Russian nickel and
palladium miner Norilsk Nickel from Mikhail Prokhorov's Onexim
Group. Under the deal Onexim would receive an unspecified cash
amount plus a 14 percent stake in RUSAL.
-- Says has
arranged a $4.5 billion syndicated loan to back its acquisition.
May 26 - Examining
a Eurobond or securing another syndicated loan for around $2
billion to repay half of a $4.5 billion loan in 2008.
June 18 - Says
total debt is about $13 billion.
Oct. 14 - Applies
for a government loan to refinance debt to foreign banks.
Oct. 29 -
State-owned Vnesheconombank (VEB), which has been entrusted with
$50 billion by the Kremlin to help indebted Russian firms, agrees
a bail-out loan for RUSAL.
Oct. 31 - Says will
pay back a $4.5 billion bridge loan provided by a consortium of
western banks using a $4.5 billion loan secured from Russia.
Feb. 12, 2009 -
Agrees to conditions for restructuring $7.5 billion debt with
banks, Kommersant newspaper reports.
Says RUSAL needs to
pay $8.1 billion from February to December. Of that, $1.8 billion
is owed to international banks, $4.8 billion to VEB, and $1.5
billion to other Russian banks.
Feb. 13 - Asks VEB
for more time to repay a $4.5 billion loan, Vedomosti business
newspaper reports.
March 6 - Wins a
two-month grace period to restructure $7.4 billion debt it owes
to more than 70 international banks.
March 22 - Russian
tycoon Mikhail Prokhorov's ONEXIM group will increase its stake
in RUSAL to 18.5 pct from 14 percent in a $2 billion debt
restructuring deal, the companies say.
April 21 - Saves
$554 million in Q1 of 2009, half of its target for the year, by
shedding 23 percent of its production costs and cutting output by
7 percent.
June 10 - A club of
70 international banks agree to reset the clock on debt talks
with RUSAL, giving it until July 28 to restructure $7.3 billion
in foreign loans.
July 30 - Agrees to
key terms of a deal to restructure $7.3 billion foreign debt with
a coordinating committee representing a 70-strong creditors'
club. Says it would pay all creditors $5 billion of its total
$16.8 billion in debt by the end of 2013.
Sept. 28 - Restarts
plans for a Hong Kong stock listing to raise about $2 billion.
Nov. 20 -
Government source says VEB is prepared to buy up to 3 percent of
RUSAL, which plans to float shares this year or next, for 14-18
billion roubles ($488-627 million), valuing the aluminium
producer at $16.3-$20.9 billion.
Dec. 2 - Secures
agreement with creditors