Bookrunners and mandated lead arrangers are set to close senior syndication on UC Rusal’s US$2bn pre-export loan facility within the next week. Bookrunners on the deal are ABN AMRO, BNP Paribas, Calyon, Citi and Natixis, with Barclays Capital, ING and Société Générale acting as MLAs.
According to bankers close to the deal, the deal is “progressing as expected”. The pricing on this year has fallen below the 100 basis point mark, and is said to be starting from approximately 70bp for the initial years of the loan.
“The pricing is aggressive, but then that reflects the nature of a company like Rusal, a firm considered one of the world’s leading aluminium producers,” remarks one source working on the deal. Although the tickets on offer at senior level are fairly large, commitments are starting to flow in ahead of next week’s closing. It has been said that the deal could be closed during the senior phase, with no need to open it up to general syndication.