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October 23, 2017 13:57

VTB could sell En+ stake back to Deripaska companies in Dec 2018 (Part 2)

MOSCOW. Oct 23 (Interfax) - VTB (MOEX: VTBR) could sell its stake in En+ Group plc back to companies belonging to Russian businessman Oleg Deripaska, the main shareholder in En+ Group, in December 2018.

VTB acquired 4.35% of En+ in 2011, with the rest belonging to Oleg Deripaska and members of his family. In 2013 a forward agreement was signed between participants in the deal, according to a prospectus for the En+ IPO, seen by Interfax.

The document said if VTB decides to sell the stake to the majority shareholder, then it needs to notify Deripaska's company Eastern Carriers Trading Limited five working days before December 13, 2018. Eastern Carriers Trading could then initiate a buyback of En+ shares from VTB at any moment.

Deripaska's companies intend to use a portion of the funds raised from the En+ IPO to repay debt to VTB (MOEX: VTBR) and/or lower the cost of buying shares contained in the forward contract with the bank, the prospectus said. The price itself was not specified in the document.

In keeping with the forward agreement, Deripaska's B-Finance Limited and Basic Element Limited pledged 7.7% of En+ shares with VTB as a guarantee for the liabilities of Eastern Carriers Trading. Another 24.85% of En+ was pledged under other credit agreements with VTB (MOEX: VTBR), where B-Finance and Basic Element are guarantors. Thus, 32.55% of the company's shares were pledged with VTB altogether.

VTB Capital is one of the organizers of the IPO that En+ is planning on the London Stock exchange at the beginning of November. The price range for the IPO has been set at $14-$17 per GDR, En+ said on Monday. This values the whole company at $7 billion-$8.5 billion, before the receipt of funds from the placement of new shares. The deal could amount to 15.8%-18.8% of the company's increased charter capital, before the greenshoe option. A road show and book-build for the IPO gets under way on October 23. The process should be complete at the beginning of November, when pricing will take place.

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