United Co. Rusal (486), the world’s largest aluminum producer, agreed on a $4.59 billion loan with Russia’s OAO Sberbank to refinance a previous loan from Vnesheconombank.
The new facility, covering a $4.5 billion credit from Vnesheconombank plus capitalized interest, matures in December 2013 and may be extended for a further 1 1/2 years, Moscow-based Rusal said today in an e-mailed statement. The refinancing is subject to approval by international lenders to Rusal.
Rusal borrowed from VEB, as the Russian state development bank is also known, in November 2008 to pay back foreign lenders that helped it finance a purchase of 25 percent of OAO GMK Norilsk Nickel. VEB’s original one-year loan was extended by a year.
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