United Co. Rusal, the world’s largest aluminum producer, said it reached an agreement with banks to borrow as much as $400 million.
The company arranged the multi-currency credit facility with banks including ING Bank NV and Bank of China Ltd., Rusal said today in a statement. Rusal in early February plans to prepay the scheduled amortizations of principal due for the third and fourth quarters on $4.75 billion of loans, the company said.
Rusal restructured $17 billion of debt in 2009 and refinanced loans in 2011. The company last year agreed to covenant holidays with lenders on $4.75 billion and started to exercise the waiver from the first quarter of 2012.