UC Rusal’s debt refinancing not completed as yet

As the Kommersant has got to know, UC Rusal of Oleg Deripaska has to come to an agreement with three banks to refinance its foreign loans for $3.68 – Natixis, BNP Paribas and Royal Bank of Scotland (RBS), to which the company owes $350 million. But the talks are difficult. RBS insists on the loan payment, including because of the sanctions against Russia. And BNP Paribas is ready to refinance the UC Rusal’s debt, if debt issues with other structures of Deripaska are solved. It may be a question of $100 million on guarantee for the loan, provided to Russian machines for purchase of Magna’s shares in 2007.

Sources that are familiar with the pace of the talks have told the Kommersant that UC Rusal must agree with the French banks Natixis, BNP Paribas and British RBS on the refinancing of two consortium pre-export loans for $4.75 billion and $400 million ($3.68 billion remains to be paid for both of them). UC Rusal’s report doesn’t include information about these banks’ loans, but according to the Kommersant’s information, the aluminium company owes about $350 million to them. According to the sources, RBS insists on the credit payment, and BNP Paribas “has unsolved problems with other assets, controlled by the main shareholder of UC Rusal Oleg Deripaska” that are discussed together with the debts of the aluminium company.