Rusal completes $9.33 billion debt refinancing
The company signed an amendment to a previous $4.58 billion loan agreement with Sberbank ending a Vnesheconombank guarantee, and extending maturity until September 2016. It has also negotiated the extension of a 2009 loan facility with 13 Russian and international banks, including BNP Paribas (Suisse) SA, ING Bank N.V., Commerzbank Aktiengesellschaft, Credit Agricole Corporate and Investment Bank, Gazprombank, Natixis, Nordea Bank AB (publ), The Royal Bank of Scotland Plc, Sberbank of Russia, Sumitomo Mitsui Banking Corporation, SCGIB, UniCredit Bank AG and WestLB AG.
Oleg Mukhamedshin, Rusal Director for Equity and Corporate Development said the company’s ability to refinance in a difficult global financial market environment, reflected its market standing and further adds Rusal’s financial position.
“Despite the difficult situation in the world financial markets, RUSAL, as planned and on schedule, has successfully signed the debt refinancing agreements with its major lenders. It brings additional financial soundness to the Company in the currently unstable financial environment and opens new development opportunities including investments in capacity extension programmes and the possibility of paying dividends to Company's shareholders.”