RUSAL's $2 bln syndicated loan launched

LONDON, Aug 17 - United Company RUSAL, the world's top primary aluminium producer, on Friday launched senior syndication of a $2 billion, 7-year pre-export term loan, a banking source said. In June, the borrower announced it had appointed 8 mandated lead arrangers to underwrite the pre-export loan, which is secured by commodity receivables on the basis of a buy-back off-take. The facility will be amortised after a 2-year grace period. Proceeds will be used to refinance a number of unsecured bridge facilities including $550 million recently disbursed from Bayerishe Hypo- und Vereinsbank, and will be used to refinance existing debt of RUSAL companies. Mandated lead arrangers are ABN AMRO, BNP Paribas, Barclays, Calyon, Citigroup, ING, Natixis and Societe Generale. ABN AMRO, BNP Paribas, Calyon, Citigroup, and Natixis are bookrunners. It is RUSAL's first syndicated loan since the merger of RUSAL, SUAL and Glencore, which completed in March a merger to create the world's biggest aluminium firm.