RUSAL has closed the transaction on raising a $1.5 billion syndicated loan
Russian diamond giant RUSAL has closed the transaction on raising a $1.5 billion syndicated loanRudsal.
The volume of applications for the participation in the loan exceeded $2.6 billion, as a result of high demand from a great number of banks. RUSAL is discussing the possibility of widening the loan with the banks - arrangers of the transaction.
The loan arrangers are ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Citigroup and Natexis Banque Populaires.
The loan will be taken in the form of two recoverable tranches for five and seven years, at that the demand from banks for a 7-year tranche was much higher. The rates on the tranches are LIBOR+1.1% and LIBOR+1.4% respectively.
RUSAL is one of the world's three leading producers of primary aluminium. The Company was founded in March 2000 through a merger of several large aluminium plants and mills in the CIS. It produces 75% of Russian primary aluminium and 10% of the world's. The volume of primary aluminium produced by RUSAL's enterprises grew in 2005 by 1.6% to 2.713 million tons.
RUSAL's consolidated revenues under US GAAP grew by 22.3% $6.65 billion in 2005. The investments rose almost 3 times to $1.4 billion. The Company's assets in 2005 rose by 11% to $7.261 billion from $6.544 billion. The Company's investment programs budget may total around $2 billion in 2006. The Company is 100% owned by Russian businessman Oleg Deripaska.