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Rusal says wins full lender support to refinance $5.15 bln debt
August 4, 2014 / 12:41 AM / 3 years ago

Rusal says wins full lender support to refinance $5.15 bln debt

MELBOURNE, Aug 4 (Reuters) - Russia’s Rusal said on Monday it has won approval from all its lenders to restructure more than $5 billion in loans, which will help it weather a weak aluminium market.

The agreement to refinance two facilities worth $4.75 billion and $400 million comes after United Company RUSAL Plc, the world’s largest aluminium producer, avoided default in July when it won an extension on a debt deadline to October.

“Agreements reached with our lenders will allow us to strongly improve the company’s debt profile and maintain a sustainable cash position in anticipation of an aluminium market rebound,” Rusal Deputy CEO Oleg Mukhamedshin said in a statement.

The company had $10.3 billion in net debt as of March 31.

Reporting by Sonali Paul; Editing by Richard Pullin

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