Sberbank to Issue USD 4.6 bn Loan to Rusal
OREANDA-NEWS. August 11, 2010. Sberbank to issue USD 4.6 bn loan to Rusal for refinancing debt to VEB. Sberbank has approved granting a USD 4.6 bn loan to Rusal for until December 2013, for refinancing the company’s debt to VEB. The loan amount covers 100% of Rusal’s existing debt to VEB and accrued interests. The repayment period can be prolonged for 1.5 more years. The loan still has to be approved by international lenders.
The deal is to be closed in 3Q – early 4Q2010, according to Sberbank deputy board chairman, Anton Karamzin. “The transaction is to be closed after Rusal gets all the necessary authorizations as requires by the existing lending regulations”, he said. Rusal raised the loan from VEB in November 2008 for refinancing another loan, taken in April 2008 from a syndication of western banks with a view to acquire 25% plus 2 shares in MMC Norilsk Nickel.
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