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Sberbank to refinance UC RUSAL’s loans

March 11, 2014. UC RUSAL managed to reach an agreement with Sberbank on refinancing of its $5bn loan, Vedomosti refers to the holding representative as reporting.

The three-year $4.6bn loan was issued to UC RUSAL by Sberbank in August 2010 in order to refinance the former’s debt to Foreign Economic Bank, which, in its turn, offered the money so that RUSAL could pay a pool of foreign creditors. Otherwise the holding might have lost the controlling shareholding in Nornickel, which was the guarantee for the loan.
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