RUSSIA - The world's third largest aluminium producer, RUSAL based in Moscow, has successfully secured a syndicated loan of US$500 million to bring the Khakas aluminum smelter up to full capacity, and refinance the previously secured loans. The company characterizes the deal as a rare example of a classic project finance scheme in Russia. The loan has a 12-year term and will be repaid with the profit from product sales.
The loan rate depends on the pay-back term and equals LIBOR +1.2% within the first three years. BNP PARIBAS is the loan organizer and bookrunner, and is joined by the following banks: Calyon, BLB, HSBC, Mizuho, Natixis, Sberbank of Russia, SG and SMBC.
BNP Paribas'independent consultants confirmed that the project meets the Equator Principles, used to evaluate projects applying for project financing of more than US$50 million. This shows that the project fulfils the requirements of national and international law in the field of environment, health and safety. As of today, 45 of the largest international commercial banks have signed up to the Equator Principles.
The Khakas smelter (www.khaz.ru) is the first aluminum production facility to be built in Russia in the past 20 years. The project incorporates the most advanced technologies, international environmental standards and a high quality product, making this one of the most modern and efficient smelters in the world. Total investments into the project exceeded US$750 million. The first metal at the smelter was produced on Dec. 15, 2006; the smelter should reach full capacity by the end of 2007. It is fitted with powerful RA-300 reduction cells, Rusal's proprietary technology developed the company's Engineering and Technology Centre.
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