OREANDA-NEWS. August 13, 2010. UC RUSAL (HKSE: 486, Euronext: RUSAL/RUAL), the world’s largest aluminium producer, announces that it has agreed all the terms of  a proposed loan from Sberbank of Russia, which has been approved by Sberbank and is intended to refinance the loan previously provided to RUSAL by Vnesheconombank (VEB).

The proposed loan of USD 4.59 billion covers the existing debt to VEB and capitalized interest. It would be for the period up to December 2013 with an option to renew for a further 1.5 years. The Sberbank loan is subject to approval by the international lenders of RUSAL.

VEB’s loan to RUSAL, amounting to USD 4.5 billion, was agreed in November 2008 and was used to repay the loan obtained in April 2008 from a syndicate of banks to finance the cash component of the acquisition of [approximately] 25% of Norilsk Nickel.