"UC Rusal" gets a reprieve.
~~The company will continue negotiations on refinancing of its loans to mid-summer.
"UC Rusal" froze payments on syndicated loans of $ 5.15 billion for the three months until July 7th. Thus, the aluminum company received additional time for negotiations to refinance these loans with the transfer of payments for at least two years. At this point almost all lenders have agreed to the terms of refinancing, except the Chinese China Development Bank and one of the investment funds.
At the end of last year "UC Rusal" received a loss of $ 3.2 billion; on Wednesday it announced the freezing of payments on syndicated loans until July 7th. According to the report, the company published on the website of the Hong Kong Stock Exchange, the freeze mode, which the company is able to resort to during the negotiations on the terms of the refinancing, came into effect on April 8th. At the moment, "UC Rusal" has two syndicated loans - pre-export financing (PXF) for $ 4.75 billion and a loan of $ 400 million. PXF in two tranches on current conditions is repaid in two stages - in 2016 and 2018, a loan of $ 400 million - in 2018. $ 3.68 billion is left to repay on both loans.
As "UC Rusal" remembers the crisis.
In 2013 "Rusal"’s loss was $ 3.2 billion, of which $ 2 billion were paid to write-off of investment projects and the costs of closure of inefficient plants. The company expects the best performance in 2014, but the analysts say it will largely depend on the new LME rules and the convertion of rate not lower than 35 rubles for $ 1.
