Rusal raising new loans to refinance payments in 2016 of up to $692 mln
MOSCOW. April 29 (Interfax) - UC Rusal has entered into a number of agreements with a pool of international banks, and with Russia's Sberbank and Gazprombank , as part of efforts to refinance its current debt.
The Russian aluminum giant will make payments early on a syndicated loan that are due in the second to fourth quarters of 2016, the company said in a press release. In order to do so, Rusal has concluded negotiations with creditors to raise a new loan in the amount of $414 million. The company will also pay $108 million of its own money toward the repayment of the syndicated loan.
In addition to the new loan agreement, Rusal has reached an agreement with Sberbank for up to $100 million in credit resources.
Rusal also expects to sign an agreement with Gazprombank by the end of May on a loan for up to $177.6 million in order to repay debt to the bank this year. The borrower for the new loan might be one of Rusal's subsidiaries, such as the Krasnoyarsk or Sayanogorsk smelters.