"Rusal" to prepay 300 million USD loan
3 February 2015
With a light hand, «RUSAL» company's board of directors and the majority of creditors was amended with respect to the refinancing. Under the agreement, the company can before the deadline to repay 300 million. USD syndicated loan. Also, payments will be made in favor of Gazprombank and Sberbank EFR. Emphasis is placed on the item proportional repayment to creditors. repayment amount or volume of 300 million. USD, or intermediate percentages of «Norilsk Nickel» for 9mesyachny period in 2014.
Assessing the results of the company for 9 months, the shareholders of the preferred dividend ratio 762,34 RUB / share. At the same time for ordinary shareholders is provided payment in RUB. For ADR set dollar equivalent at the exchange rate of 22/12/2014 According to the representatives of the «Norilsk Nickel», the whole amount of finance allocated to dividend, will be around 2.78 billion. USD. «Rusal» is the holder of 27.8% of shares «Norilsk Nickel». Accordingly, dividends, earmarked «Norilsk Nickel» in favor of «Rusal», will be about 773 million. USD. As representatives of «Rusal», the rest of the dividends received by the «Norilsk Nickel», can be used for other tasks, if they do not run counter to the concluded agreement with the creditors.
In late September 2014 the net debt «Rusal» amounted to 9.917 billion. USD. This is lower than the June data, when the debt was 10.594 billion. USD, 6.4% / In November 2014, «Rusal» to repay the syndicated loan was sent to 20 million. USD. To repay cash sweep system is activated using all available resources, eliminating the need for investments and operating costs. In 2015, the company's management scheduled payments at the level of 1−1.5 bn. USD as the scheme cash sweep, and the method of partial payments on ruble bonds under the offer.
In general, according to Roman Andryushina, director of sales at the Russian and CIS markets, in early 2015, the situation in the aluminum market and products based on it will be difficult, but not critical. «Rusal» plans to take the necessary measures to increase the capacity of the aluminum market and the maintenance of the main consuming sectors. The «Rusal» has introduced a program to lower prices for the main areas of innovation in order to support advanced technologies and import substitution.
