Rusal refinanced its debt for 2016

On 26 April 2016 Rusaland lenders to the Combined PXF Facility signed the amendment & restatement agreement whereby a new refinancing tranche was introduced as part of existing Combined PXF Facility. On 29 April 2016 Rusal intends to prepay the remaining scheduled instalments falling due in 2016 under the Combined PXF Facility in the total amount of $524 million, utilizing $415 million of available commitments under the new refinancing tranche as well as $109 million of the Company’s own funds. Once the prepayment is completed, the Company’s obligation to repay the scheduled installments under the Combined PXF Facility for 2016 will have been discharged in full.

In addition, Rusal has agreed with Gazprombank to enter into new credit facilities for up to $177.6 million to refinance Rusal’s scheduled repayment instalments falling due in 2nd-4th quarters of 2016 under the existing credit agreements with Gazprombank.

Rusal has also agreed with Sberbank for a new credit limit of up to $100 million that could be applied for refinancing Rusal’s debt.

“The successful refinancing demonstrates the support from the banking community and confirms once again the high quality of the Company’s credit profile and the lenders’ confidence in the Company and its future. The Company continues to actively explore further opportunities for the optimization of its debt structure,” Oleg Mukhamedshin, Rusal’s Director for Strategy, Business Development and Financial Markets, commented.