MOSCOW, March 21 (Reuters) - Russia's RUSAL, the world's third-largest aluminium producer, said on Wednesday it has secured a syndicated $500 million loan from foreign and Russian banks to bring its new Khakassia smelter up to full capacity.
RUSAL said in a statement the loan, which has a term of 12 years, would also be used to refinance previously secured loans and would be repaid with profits from the company's sales.
The loan rate depends on the pay-back term and equals LIBOR plus 1.2 percent within the first three years.
BNP Paribas is the loan organiser and bookrunner. Calyon, BLB, HSBC, Mizuho, Natixis, Sberbank of Russia, SG and SMBC banks joined the transaction in the syndication phase, RUSAL said.
The Khakassia smelter is the first aluminium plant to be built in Russia in the past 20 years. Total investment in the project exceeded $750 million.
The first metal was produced in December and the plant is expected to reach full capacity of 300,000 tonnes of aluminium per year by the end of 2007.
RUSAL is in the process of merging into the world's top producer of the metal with smaller local rival SUAL and assets belonging to commodities trader Glencore.
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