Russian aluminium producer Rusal announced Friday the first disbursement of $674 million under its new $1 billion loan facility "to finance certain pre-agreed arrangements in anticipation of its merger with certain assets of the Sual Group and Glencore under their October 2006 merger agreement."
The group said on December 20 it had effected its first drawdown under the short-term bridge facility for $1 billion. Rusal said the facility was arranged by BNP Paribas, Calyon, Citigroup and Natixis who acted as mandated lead arrangers. BNP Paribas was appointed documentation bank and will act as facility agent.
Rusal said that the bridge facility was distinguished by its unsecured nature, reflecting increased confidence of the banking community in Rusal's solvency and the strength of its commitments. "With a tenor of one year, the facility is expected to be refinanced by a syndicated global financing following completion of the merger transaction," the group said.
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