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RUSAL pledges 75% of Aughinish Alumina plant to Glencore

June 25, 2014, 19:12 UTC+3 HONG KONG
The credit agreement includes a $400 million prepayment
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© ITAR-TASS/Stanislav Krasilnikov

HONG KONG, June 25. /ITAR-TASS/. Russian aluminum giant UC RUSAL has pledged 75% of its Irish alumina plant Aughinish Alumina against a credit from Glencore for alumina supplies in 2014-2016, as seen by PRIME economic news agency in a document that metal giant Norilsk Nickel has sent to its major shareholders on Wednesday.

The credit agreement includes a $400 million prepayment. The credit is provided at LIBOR plus 4.95% and must be redeemed before the end of 2016.

As of April 31, stakes of another 10 RUSAL were used as collateral to secure credits.

RUSAL has frozen payments on $5.15 billion worth of syndicated loans from April 8 till July 7. The creditors agreed not to take any action against any company of the RUSAL group not to trigger a default under the initial loan agreement.

RUSAL’s net debt amounts to more than $10 billion as of April 1.

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