RUSAL requesting waiver on $4.5 bln loan-source

LONDON, Oct 28 (Reuters) - Russian aluminium producer United Company RUSAL is in the process of securing a waiver on a $4.5 billion, two-year bridge loan that it signed in April this year, a banking source close to the deal said on Tuesday. RUSAL has almost agreed the waiver with the syndicate of banks that provided the facility, which will defer repayment on the loan, the banker added. A source close to one of RUSAL's shareholders also said that RUSAL is very close to resolving the problem. Meanwhile, the borrower is securing a loan refinancing from state-owned Vnesheconombank (VEB), the banker said. RUSAL used the $4.5 billion loan to back its 25 percent-plus-one-share stake in Russian miner Norilsk Nickel (GMKN.MM: Quote, Profile, Research, Stock Buzz), and the borrower is facing the threat of handing over the stake in Norilsk to creditors unless it manages to refinance, the banking source told Reuters Loan Pricing Corp. earlier this month. The source also said at the time that RUSAL had failed to agree a $1.9 billion club loan with its relationship banks because of market turmoil and had applied for a government loan from VEB. The government has said it is prepared to lend $50 billion to Russian companies to refinance a total of $120 billion of Western loans before the end of 2009. The distribution is subject to approval by VEB. UC RUSAL is 57 percent owned by tycoon Oleg Deripaska. RUSAL's debt is estimated at $14 billion.