Rusal secures $4.5bn loan extension from Sberbank

Image courtesy of Alina Kovrigina on Flickr

Russian aluminium producer Rusal has secured a three-year extension of a $4.5 billion loan from the country’s top lender Sberbank, the company said on Friday.

The company will now start repaying the loan, secured by Rusal’s 27.8% stake in the mining giant Norilsk Nickel, from 2024, with the final maturity as far as 2027, documents published on Friday showed.

Under the new terms, Rusal is set to repay Sberbank each quarter the rouble half of the loan at a rate set as the key rate plus 1.9% per annum and three-month Libor plus 3% per annum for the remaining U.S. dollar part of the loan, from 2024.

A source close to Sberbank told Reuters that the bank has approved amended conditions for the $4.5 billion loan. Sberbank declined to comment.

Hong-Kong listed Rusal, the world’s largest aluminium producer outside China, confirmed new terms with Sberbank in a statement to Reuters. Rusal’s net debt stands at nearly $6 billion as of end-June.

(By Anastasia Lyrchikova, Tatiana Voronova and Katya Golubkova; Editing by Louise Heavens)

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