"Rusal" is facing a contradictory situation: the credit covenants allow it to pay dividends right now, but it needs the approval of the lenders. The company once again forced to give banks all the available funds of more than $ 300 million on the balance sheet. According to sources, "b", the bankers have not yet approved the payments. Analysts believe that as long as the aluminum market has not recovered, the dividends of "Rusal" suitable "as a one-off event, rather than the constant practice."
The Board of Directors of "Rusal" was due yesterday to consider the payment of interim dividends for the first half of 2016, which the company has a net debt of $ 8.3 billion. At the same time, "Rusal" on the end of the period was $ 712 million of available funds. But due to the decrease in operating income, and even taking into account the dividend of 27.8% of shares "Norilsk Nickel" debt load increased to 3.3 (ratio of net debt to EBITDA kovenantnomu the last 12 months). At the end of the first quarter, up from 2.9. The loan covenants, "Rusal" may pay dividends as long as the rate is not higher than 3.5. But the level of debt in excess of 3 covenEBITDA-invariant in the second quarter led to the inclusion of cash-sweep mechanism by which the company is required to give creditors all "excess" surplus funds - if the cash on the balance of more than $ 300 million, and if it will receive money from the sale of assets or SPO. Therefore, sources say "Kommersant", now "Rusal" is obliged to negotiate with creditors on payment options.
Oleg Mukhamedshin, director of strategy, business development and financial markets of "Rusal", the summit Reuters September 16: "If the decision (on the intermediate dividendah.-" b ") will be made by the shareholders, the company has the financial ability to do."
What decision on dividends received council, representatives of "Rusal" and its shareholders (En + Oleg Deripaska with a 48.13% stake, Sual Partners Viktor Vekselberg and Leonard Blavatnik with 15.8% and ONEXIM Mikhail Prokhorov with 17%) did not disclose yesterday. Most of the sources of "Kommersant" said that the company has requested approval of creditors for payment, but so far no consensus has not formed the bankers. "Initially, banks were opposed, then, after a series of discussions, everyone went to theeditnym committees ", - said the source" b "close to one of the creditors, however, one of the interlocutors." b "heard of a positive decision in 2015, when." Rusal "for the first time since 2008, an interim dividend of $ 250 million Board of Directors was postponed several times on the issue, it is possible that this will be repeated, according to "Kommersant" sources.
On what amount of dividends in question, the interlocutors "b" does not say. Since August 2015 the dividend policy of "Rusal" involves the payment of 15% kovenantnoy EBITDA, but the company does not publish the rate and does not allow its calculation methodology. On the basis of the debt burden, the end of the half year EBITDA kovenantnaya "Rusal" in the last 12 months was $ 2.5 billion, but pinpoint the figure for January - June is difficult due to lack of data, says Irina Alizarovskaya from "Raiffeisenbank" (in the first half "Rusal" has received as dividends from the "Norilsk Nickel" $ 171 million and he earned $ 656 million on an adjusted EBITDA). In July, "Rusal" agreed to sell Japanese Jisco Alpart bauxite and alumina complex in Jamaica for $ 299 millionThese future revenues are taken into account by creditors when deciding on dividends, but the inclusion of cash-sweep plays against the company, said Ms. Alizarovskaya. Sergey Donskoy of Societe Generale points out that "Rusal" continues to work on the debt profile and the aluminum market, although it feels a little better, though still not appreciated. The company is not yet able to afford dividends as a single action, rather than as a regular practice, the analyst believes.