Rusal refinanced all loans for $ 11.4 billion

The company "Rusal" announced the refinancing of the last part of the debt to Russian creditors - $ 1 billion, having received five -year loans from Sberbank ($ 460 million) and Gazprombank (655 million). Thus, Rusal completely refinanced its entire debt portfolio for $ 11.4 billion, the average rate at which amounted to 4.6%, RIA Novosti reports with reference to the company's press release.

The company accumulated a huge debt of $ 14 billion before the 2008 crisis and, due to Margin Calls on loans of Western banks, almost lost the blocking stake in Norilsk Nickel. The loan bought the Web.

The company agreed with creditors on loan restructuring. The syndicate of Western banks set aside the payment of $ 7.4 billion until the end of 2013 under Libor + 7%, Sberbank, VTB and Gazprombank - $ 1.9 billion.

Thanks to the IPO, at the beginning of 2010, the company attracted $ 2.24 billion and completely paid this money to creditors. The increase in aluminum prices allowed her to extinguish debts ahead of schedule. Metal rolled up until the end of August, reaching $ 2500-2600 per ton.

UC Rusal will be able to serve its debt if aluminum will cost $ 2,250 on average, the HSBC analyst Vladimir Zhukov calculated in the "Vedomosti" . Prices will remain at a low level over the next year, but they should not fall below, notes the UBS analyst Alexei Morozov. At this level, UC Rusal will work about $ 2 billion next year and will be able to serve its debt, the company will even remain in profit.