UPDATE: Rusal signs jumbo PXF
Russian aluminium producer Rusal has closed its oversubscribed US$9.33bn syndicated pre-export finance facility.
13 Russian and international banks participated in the syndication, including BNP Paribas ING, Commerzbank, Crédit Agricole, Gazprombank, Natixis, Nordea Bank, RBS, Sberbank, SMBC, Société Générale, UniCredit and WestLB.
The PXF, which was upsized from US$4.75bn, will be split into two tranches.
Tranche A, amounting to US$3.75bn, will be repaid in equal quarterly installments starting from the 15th month after the first drawdown and with a final maturity falling 60 months after the first drawdown.
The loan under tranche A will be priced at three-month Libor rate, plus margin based on total net debt/EBIDTA ratio to be revised quarterly.
Tranche B, amounting to US$1bn, will be repaid in equal quarterly installments starting from the 63rd month after the first drawdown with a final maturity date falling 84 months after the date of the facility documentation.
The loan under tranche B will be priced at three-month Libor rate plus 385 basis points per annum.
The facility will finance outstanding debt on a 2009 restructuring deal and may be joined by other financial institutions in the course of syndication, Rusal says.
Commenting on the closing of the deal, Rusal’s director for equity and corporate development, Oleg Mukhamedshin says: “It brings additional financial soundness to the company in the currently unstable financial environment and opens new development opportunities including investments in capacity extension programmes and the possibility of paying dividends to company shareholders.”
Reader Comments