Rusal, the world’s largest aluminium provider, has obtained 100% credit approvals from all its lenders to restructure more than US$5bn.

The agreement to roll two pre-export finance (PXF) facilities worth US$4.75bn and US$400mn into one comes after Rusal avoided default in July when it won an extension on a debt deadline to October.

In order to technically complete the refinancing, the company intends to proceed with the execution of the amendment agreement, pursuant to which the two PXFs will be combined into a single facility agreement, as soon as practicable.

“We are pleased to announce finalisation of the refinancing,” says Oleg Mukhamedshin, deputy CEO, director of strategy, business development and financial markets at Rusal. “Agreements reached with our lenders will allow to strongly improve the company’s debt profile and maintain a sustainable cash position in anticipation of aluminium market rebound.”

The company had US$10.3bn in net debt as of March 31, which it has been struggling to manage due to a slump in aluminium prices. Rusal said that the new facilities will help it weather the weak aluminium market.

The formal technical procedure for signature of related documents has already been launched. Rusal will make a further announcement once the amendment agreement is executed and the scheme of arrangement is formally discontinued.