Russia's Rusal sees covenants test in May, still in talks over debt

MOSCOW, April 2 Wed Apr 2, 2014 3:42am EDT

MOSCOW, April 2 (Reuters) - Russia's aluminium giant Rusal is still in talks with lenders to amend the terms of syndicated facilities covering $3.7 billion of debt to defer repayments and modify covenants, which are due to be tested in May, it said.

The company is also continuing talks with lenders to agree certain forbearances and to agree not to exercise their rights in the case of a covenants breach effective until July 7, Rusal said in an emailed comment to Reuters on Wednesday. (Reporting by Polina Devitt, editing by Elizabeth Piper)

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