UC Rusal wants to go to Paris again – the company trys to refinance its loans
Today UC Rusal will hold another meeting with creditors in this year, trying to achieve the refinancing of loans to the amount of just over $5 billion. The company will have to pay about $2 billion in 2013-2015 and $1 billion more may be required by the holders of ruble bonds of the UC Rusal’s Bratsk aluminium plant. According to a source of Kommersant in banking circles, the UC Rusal’s state hasn’t been default yet, but analysts think that the company won’t be able to avoid the refinancing.
Today,the top-management of UC Rusal and representatives of foreign banks-creditors of the company will discuss variants of the refinancing of a pre-export loan to the amount of $4.75 billion (PXF) and a consortium loan to the amount of $400 million in Paris. This was told to Kommersant by sources in the banking circles and confirmed by UC Rusal. “These are working meetings, which are held every quarter; the last one took place in June,” – the company explained. UC Rusal attracted PXF in June of 2011 to pay to the consortium of international creditors within the restricted agreement ($4.34 billion) and ONEKSIM ($552 million). The PXF must be paid by 2018, the rate is floating and depends on the company’s debt level; today it is LIBOR+2.85% per annum. The consortium loan to the amount of $400 million was taken by UC Rusal to early pay $406 million of interest charges and a part of PXF in 2013. The company doesn’t disclose terms and redemption time of the loan.
