Rusal raises three five-year loans from Gazprombank
MOSCOW. March 20 (Interfax) - OJSC Rusal Krasnoyarsk Aluminum Smelter (KrAZ) and OJSC Rusal Sayanogorsk, which are wholly owned by Russian aluminum giant Rusal, signed an agreement on March 19 with Gazprombank for three loans with five-year maturity, Rusal said in a statement.
According to the agreement, KrAZ will receive one loan for 74.7 million euro and one for $142.7 million, while Rusal Sayanogorsk will receive one $100 million loan.
The loans have 60-month maturity, or five years, but are to be repaid no later than March 31, 2019, inclusive. The borrowed funds for all three loans will be repaid quarterly in even amounts beginning in the first quarter of 2017.
The rate for the three loans is the same - three-months LIBOR plus 6.5%, including 1% in capitalized interest (payment in kind, PIK).
Guarantors for the KrAZ loans are Rusal Sayanogorsk and OJSC Rusal Bratsk Aluminum Smelter , while the guarantors for Rusal Sayanogorsk are KrAZ and Rusal Bratsk Aluminum Smelter.
Rusal has said that it signed an agreement with Sberbank to refinance three loans totaling $5.6 billion in the period to 2021.
Rusal must also reach an agreement with members of a syndicate of banks that lent it $4.75 billion in 2011. The syndicate includes BNP Paribas (Suisse) SA, ING Bank N.V., Commerzbank, Credit Agricole Corporate and Investment Bank, Natixis, Nordea Bank AB , The Royal Bank of Scotland Plc, Sumitomo Mitsui Banking Corporation, SCGIB, UniCredit Bank AG and WestLB AG.