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Rusal's debt restructuring and future financing
08 September 2009
Rusal has reached an historic agreement with its international bank lending group, and the way is now open for the company to continue with its plans including its long-delayed IPO. Jonathan Bell talks to Rusal’s director of capital markets, Oleg Mukhamedshin.
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Rusal debt restructuring
Oleg Mukhamedshin
Rusal IPO
Rusal director capital markets
Russia aluminium finance
This article appears in the September print edition of Trade Finance under the headline: Rusal gets back in the groove
The debt restructuring agreement reached between Russian aluminum producer UC Rusal and the coordinating committee representing more than 70 international lenders brings massive relief to a battered commodity banking community.
As one banker states: “It may not be ideal, but after several months of trying, and the potential for this whole thing to go pear-shaped, we now have an agreement which is workable. For the major lenders involved, I think its fair to say that bank hierarchies are appeased, which means we can start to get back to doing new business in a region where the Rusal problem had been a major hurdle to moving forward.”
As we report on p16 in this issue, the agreement will see Rusal repay $5 billion owed to all lenders by the fourth quarter...
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