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RUSAL asks to refinance $5 billion loans in London

June 27, 2014, 11:01 UTC+3 HONG KONG
RUSAL is trying to postpone the repayment of two syndicated loans, $4.75 billion and $400 million ones
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RUSAL aluminium plant (archive)

RUSAL aluminium plant (archive)

© ITAR-TASS/Alexander Kolbasov

HONG KONG, June 27. /ITAR-TASS/. Russian aluminum giant UC RUSAL has asked its creditors to apply to the London’s High Court and to the Royal Court of Jersey to certify the schedule of refinancing of loans totaling $5.15 billion, the company said in a statement Friday.

RUSAL is trying to postpone the repayment of two syndicated loans, $4.75 billion and $400 million ones. The $4.75 billion loan must be redeemed in two tranches in 2016 and 2018, and the $400 million one in 2018.

In April, RUSAL agreed with the creditors on forbearance until July 7.

94% of creditors support the refinancing. According to the statement, the refinancing rules may be confirmed by courts if at least 75% of creditors agree on the changes.

The claims may be considered by the London’s High Court on July 10 and by the Royal Court of Jersey on July 15, the company said.

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