Aluminum giant United Co. Rusal said Monday it has mandated banks to arrange an up to $4.75 billion syndicated pre-export finance facility, one of the crucial steps on the company's way to a possible start of dividend payment.
Rusal will use the facility to partially refinance its debt, which stood at $11.4 billion as of March 31. The refinancing of the full volume of the debt will enable Rusal to remove the restrictions on its operational and investment activities, as well as the dividend payment.
Rusal expects to re-finance its debt in full by the end of September.
The facility interest rate includes a 3-month LIBOR and the margin, which will be reset quarterly depending on the ratio of Rusal's net debt to its earnings before interest, tax, depreciation and amortization.
The banking group mandated to arrange the facility includes OAO Sberbank, UniCredit Bank, BNP Paribas and Societe Generale.
The deal is expected to close by the end of September.
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