UC Rusal has agreed upon the main terms of a trade financing deal in the amount of $300m with a pool of international banks, the Russian aluminum and alumina giant indicated in a statement today. BNP Paribas, ING, Natixis, Credit Agricole, Societe Generale and UniCredit are expected to act as the main organizers for the deal.
Meanwhile, BNP Paribas will act as the security agent. The funds will be used as an additional source for supplementing the company's operating liquidity in order to finance aluminum exports. For the first time, the terms of the deal will also ensure that the company secures financing for aluminum supplies to both the domestic and the CIS markets by foreign banks.
The loan will be extended for one year and provide for an option to extend it for up to three years. Revenue from aluminum and aluminum product sales will serve as security for the loan, along with a pledge of the stock in trade. The company also indicated that the loan would be the first international loan approved after the completion of UC Rusal's debt restructuring.
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