UC RUSAL receiveS USD 4.5 billion loan from vnesheconombank
Moscow, 5 November 2008 – UC RUSAL, the world’s largest aluminium and alumina producer, is pleased to announce that it has received a USD 4.5 billion credit facility from Vnesheconombank (VEB) to refinance the loan received in April 2008 from a syndicate of foreign banks to finance the acquisition of a 25% plus two shares stake in MMC Norilsk Nickel.
The credit facility is provided for one year with an option to extend it at the discretion of the advisory council of Vnesheconombank. An interest rate of LIBOR+5% was agreed. The credit facility is backed by UC RUSAL’s stake in Norilsk Nickel.
In order to ensure the interests of the creditor, who is acting as the agent of the government of the Russian Federation in providing capital to Russian corporations, a representative of the Russian government will become part of an enlarged Board of Directors at Norilsk Nickel and will be elected at the extraordinary meeting of shareholders on 26 December 2008. In addition, two government representatives will join the MMC Norilsk Nickel management team.
The appointment of government representatives to the Board of Directors and the management of Norilsk Nickel will benefit UC RUSAL and minority shareholders. The Board of Directors is currently controlled by Vladimir Potanin. This realignment will weaken his influence, encourage increased transparency in the company’s decision making process and provide improved oversight of Norilsk Nickel’s operations, which will increase the value of the company in the interest of all shareholders.
About UC RUSAL:
United Company RUSAL (www.rusal.com) is the global leader in the aluminium industry, accounting for approximately 12% and 15% of global production of aluminium and alumina respectively. The company was founded in March 2007 through the merger of RUSAL, SUAL, and the alumina assets of Glencore. UC RUSAL sells its products in 70 countries worldwide and employs 100,000 people in 19 countries, across 5 continents
To learn more about aluminium please visit http://www.aluminiumleader.com/en/
The credit facility is provided for one year with an option to extend it at the discretion of the advisory council of Vnesheconombank. An interest rate of LIBOR+5% was agreed. The credit facility is backed by UC RUSAL’s stake in Norilsk Nickel.
In order to ensure the interests of the creditor, who is acting as the agent of the government of the Russian Federation in providing capital to Russian corporations, a representative of the Russian government will become part of an enlarged Board of Directors at Norilsk Nickel and will be elected at the extraordinary meeting of shareholders on 26 December 2008. In addition, two government representatives will join the MMC Norilsk Nickel management team.
The appointment of government representatives to the Board of Directors and the management of Norilsk Nickel will benefit UC RUSAL and minority shareholders. The Board of Directors is currently controlled by Vladimir Potanin. This realignment will weaken his influence, encourage increased transparency in the company’s decision making process and provide improved oversight of Norilsk Nickel’s operations, which will increase the value of the company in the interest of all shareholders.
About UC RUSAL:
United Company RUSAL (www.rusal.com) is the global leader in the aluminium industry, accounting for approximately 12% and 15% of global production of aluminium and alumina respectively. The company was founded in March 2007 through the merger of RUSAL, SUAL, and the alumina assets of Glencore. UC RUSAL sells its products in 70 countries worldwide and employs 100,000 people in 19 countries, across 5 continents
To learn more about aluminium please visit http://www.aluminiumleader.com/en/
 | Код для вставки в блог |  | Подписаться на рассылку |  | Распечатать |
Другие материалы по теме:
- UC RUSAL appoints a new member to its Board of Directors
- UC RUSAL CALLS FOR AN EXTRAORDINARY MEETING OF NORILSK NICKEL SHAREHOLDERS
- UC RUSAL gets $4.5bn from VEB
- UC RUSAL BOARD OF DIRECTORS ABOUT THE ELECTION OF THE ENLARGED NORILSK NICK ...
- UC RUSAL COMPLETES ACQUISITION OF STRATEGIC STAKE IN NORILSK NICKEL FROM ON ...