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Rusal Signs $4.75 Billion Loan, Was Seeking More
Edited by : AL CIRCLE
2 min read
Russian aluminum giant United Co. Rusal (0486.HK) Thursday said it has signed a loan agreement of up to $4.75 billion with 13 international banks, but according to a document seen by Dow Jones Newswires, the company was asking for more.
According to the document, after agreeing with the banks on $4.75 billion, Rusal was seeking to increase it by $500 million to $5.25 billion. Rusal wasn't available for comments Thursday.
The company said it will use the pre-export finance facility to refinance its debt, which stood at $11.4 billion at the end of the second quarter.
Rusal said in its statement a portion of the loan of $1 billion will have will have a 7-year maturity and carry interest at the rate of 3-month LIBOR plus 3.85% per annum, while the rest will have a 5-years maturity with interest based on the debt to Ebitda ratio.
The facility has been signed with BNP Paribas (Suisse) SA, ING Bank N.V., Commerzbank Aktiengesellschaft, Credit Agricole Corporate and Investment Bank, Gazprombank (GZPR.RS), Natixis (KN.FR), Nordea Bank AB (NDA.SK), Royal Bank of Scotland Group PLC (RBS.LN), Sberbank Rossia (SBER.RS), Sumitomo Mitsui Banking Corp., Societe Generale Corporate and Investment Banking, UniCredit Bank AG and WestLB AG.
Rusal also said Thursday it extended its $4.58 billion loan agreement with Russia's OAO Sberbank (SBER.RS). The latter has been extended until September 2016.
According to the document, after agreeing with the banks on $4.75 billion, Rusal was seeking to increase it by $500 million to $5.25 billion. Rusal wasn't available for comments Thursday.
The company said it will use the pre-export finance facility to refinance its debt, which stood at $11.4 billion at the end of the second quarter.
Rusal said in its statement a portion of the loan of $1 billion will have will have a 7-year maturity and carry interest at the rate of 3-month LIBOR plus 3.85% per annum, while the rest will have a 5-years maturity with interest based on the debt to Ebitda ratio.
The facility has been signed with BNP Paribas (Suisse) SA, ING Bank N.V., Commerzbank Aktiengesellschaft, Credit Agricole Corporate and Investment Bank, Gazprombank (GZPR.RS), Natixis (KN.FR), Nordea Bank AB (NDA.SK), Royal Bank of Scotland Group PLC (RBS.LN), Sberbank Rossia (SBER.RS), Sumitomo Mitsui Banking Corp., Societe Generale Corporate and Investment Banking, UniCredit Bank AG and WestLB AG.
Rusal also said Thursday it extended its $4.58 billion loan agreement with Russia's OAO Sberbank (SBER.RS). The latter has been extended until September 2016.
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