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Russia's RUSAL says starts covenant holiday

Saturday, Mar 31, 2012
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 Russia's UC RUSAL, the world's largest aluminium company, said on Friday its financial covenants under the current loan agreements with the international and Russian lenders will not be tested from the first quarter of 2012 up to 12 months.

 
 
RUSAL reached an agreement with its lenders regarding a 12-month covenant holiday in January 2012.
 
 
"With the current aluminium LME prices and the company's own cash funds of $650 million, RUSAL has sufficient cash to service its debt and fund its obligatory capital expenditure programme," is said on Friday.
 
 
As at the end of 2011, the company's net debt amounted to $11.049 billion.
 
 
The company also said it made an early repayment of about $130 million under the existing credit facilities out of its own cash reserves in the first quarter of 2012 and, as a result, has no further short-term debt obligations until the end of 2012. 

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