United Company RusAl has requested lenders temporarily waive covenants on a $4.75 billion pre-export finance loan it signed Sept. 29, according to a person with direct knowledge of the deal.
RusAl has approached its 14 banks, led by BNP Paribas and ING Bank, as the euro-region debt crisis threatens to slow economic growth and after failing to include an investment project in financial projections, the person said.
The financing consists of a $3.75 billion term loan that pays initial interest of 285 basis points more than the London interbank offered rate, and a $1 billion bridge portion.
(Bloomberg)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
