Metals News
UPDATE 1-RUSAL Finalises $300 Mln Trade Finance
industry news
09:41AM
Dec 22,2010
Source:SMM

MOSCOW Dec 21 (Reuters) - The world's top aluminium producer, Russia's UC RUSAL (0486.HK: Quote), said on Tuesday it had finalised with a club of international banks the terms and conditions of a trade finance line for up to $300 million.

BNP Paribas, ING, Natixis, Credit Agricole, Societe Generale and UniCredit will act as the co-mandated lead arrangers for the deal. BNP Paribas was appointed as the facility agent and the collateral agent, RUSAL said in a statement.

RUSAL (RUAL.PA: Quote) will use the loan to finance primarily aluminium exports.

The tenure of the line is one year with an extension option of up to three years. The loan will be secured by aluminium and aluminium products, it said.

"This is the first deal after we completed restructuring of our loan portfolio in December last year," Oleg Mukhamedshin, RUSAL's director for capital markets, said in the statement.

"It marks the return of RUSAL to the credit markets and indicates a growing confidence in the company from the international financial community."

Prior to an initial public offering of its shares in Hong Kong and Paris in January RUSAL restructured a $16.8 billion debt.
 

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