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RLPC-UC RUSAL in talks on $2 bln refinancing loan-bankers

Thu Aug 14, 2008 10:08am EDT

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LONDON, Aug 14 (Reuters) - United Company RUSAL, the world's largest aluminium producer, is in talks with banks to secure a $2 billion syndicated loan, banking sources said on Thursday.

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Proceeds will be used to refinance UC RUSAL's $4.5 billion, two-year bridge loan that signed in April this year and was used to back the company's acquisition of a stake of 25 percent plus one share in Russian miner Norilsk Nickel (GMKN.MM).

The loan carried an initial margin of 100 basis points (bps) over LIBOR, rising to 125 bps after 3 months, 150 bps after 6 months, and 200 bps thereafter.

UC RUSAL has to repay half of the loan at the end of the year.

(Reporting by Christopher Mangham)

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