SUAL Group, one of the world’s top ten aluminum producers, is to be given a syndicated loan of $600m by BNP Paribas and Citigroup, reports the company’s spokesperson.

The money will be used for refunding the credit payment debts (SUAL got a $425-million syndicated loan in June 2005) as well as for financing the company’s trading capital and other corporate needs.

The credit conditions are in cull compliance with the flexible borrowing system adopted by SUAL Group, which means that the loan is given for a term of five years, with amortization after a two-year grace period and the annual interest rate set at LIBOR + .85% for the first three years of payments (starting on the day of the first installment) and at LIBOR + 1.2% for the rest of the payment period. The two banks set to loan proceedings on June 26, 2006.

‘This is the greatest credit we have ever received. Our creditors considered both the favourable opportunities of the Russian market and the impressive records of our activity. I believe the interest rate we’ve got will set the profitability standards for similar loans to other Russian mining and metallurgical enterprises,’ said First Vice-President for Finances of SUAL Holding JSC Josef Bakaleinik, reports their spokesperson.