Reuters reported that the world's top aluminum producer UC RUSAL had repaid USD 835 million of debt to its international and Russian lenders including shareholder Onexim.
It said in a statement that USD 305 million had been repaid out of its free operating cash flow and USD 530 million using the funds received from a recent rouble bond issue.
The statement said that by March 10, the total amount repaid to the lenders since the start of the company's debt restructuring agreement, excluding repayments made under the refinancing of the Russian state run VEB bank loan totalled USD 3.4 billion.
RUSAL became the world's biggest aluminum producer through a string of acquisitions and expansion over the last decade but the global economic crisis and subsequent downturn in aluminum prices plunged the group into a debt crisis. It eventually restructured USD 16.8 billion of debt late in 2009 and launched IPOs in Hong Kong and Paris in January 2010.
Mr Oleg Mukhamedshin RUSAL's director of capital markets said that in early March this year, RUSAL issued rouble denominated bonds for RUB 15 billion. We will continue to look to use new tools to raise capital going forward. Looking ahead, we plan further borrowings on the debt capital markets during the year. This will allow the company to refinance around USD 5 billion of debt by the end of 2012 to reduce debt service costs and to improve its debt structure."
(Sourced from Reuters)
豫公网安备41010502003434号