RusAl Repays $529M of Debt

RusAl said Monday that it had repaid $529 million of debt to international and Russian lenders.

The company said $517 million had been repaid April 20 and an additional $12 million will be repaid by the end of the month using funds received from a recent 15 billion ruble ($501.5 million) bond issue by its Bratsk subsidiary.

RusAl became the world's biggest aluminum producer through a string of acquisitions and expansion over the last decade, but the global economic crisis and subsequent downturn in aluminum prices sent the group into a debt crisis. It restructured $16.8 billion of debt late in 2009 and launched initial public offerings in Hong Kong and Paris in January.

(Reuters)

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