New Russian aluminium giant UC RUSAL said it has mandated ABN AMRO, Barclays Capital, BNP Paribas, Calyon, Citi, ING, Natixis and Societe Generale Corporate and Investment Banking to arrange and underwrite a US$2 bln syndicated pre-export finance facility.
The funds will be used to refinance a number of unsecured bridge facilities including the last bridge of $550m just disbursed from Bayerishe Hypo- und Vereinsbank AG, and will be applied for the refinancing of existing debt of UC RUSAL companies.
The facility has a tenor of 7 years and will be amortised after a 2-year grace period. It is secured by commodity receivables on the basis of a buy-back off-take. The syndication is expected to commence shortly.
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