RUSAL inks deal to take out $4.73 bln loan to refinance debts

MOSCOW, Aug 1 (PRIME) — Russian aluminum giant UC RUSAL has mandated banks to organize U.S. $4.75 billion syndicated loan to refinance the companys debt, RUSAL said in a statement Monday.

The organizers are BNP Paribas, ING Bank, Commerzbank, Credit Agricole Corporate and Investment Bank, Natixis, Nordea Bank, Royal Bank of Scotland, Sberbank, Societe Generale, Sumitomo Mitsui Banking Corporation, UniCredit Bank, and WestLB.

The interest rate amounts to a margin over 3-month LIBOR, which is to be determined quarterly based on the companys total net debt/EBITDA ratio. Under the current ratio, the annual interest rate would amount to 2.35%. EBITDA stands for earnings before interest, taxes, depreciation, and amortization.

The deal is expected to be closed in late September.

As of March 31, RUSAL debt amounted to $11.38 billion.

RUSAL is the worlds largest producer of aluminum, accounting for about 10% of the global production of aluminum and 10% of global alumina output.


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