Rusal to lower debt $250 mln-$350 mln in Q4
MOSCOW. Nov 13 (Interfax) - UC Rusal plans to lower debt by $250 million-$300 million in Q4 2017, the Russian aluminum giant said in a presentation for investors.
Overall debt was $8.7 billion at end-Q3. Rusal confirmed it aimed to reduce this to $7 billion by 2020.
Net debt fell almost 10% during 9M 2017 to $7.6 billion. Net debt/LTM EBITDA was 4x at end Q3, compared with 4.6x at end-Q2 2017.
Cash and cash equivalents were $1.1 billion at end-Q3, including around $300 million allocated as dividends in Q4.
Rusal's strategy director, Oleg Mukhamedshin, said on a conference call that the company expected by the end of 2017 to complete negotiations with a pool of banks on financing for the Taishet smelter.