On October 6, the world's largest aluminum company Russia-based United Company RUSAL (UC RUSAL) announced that it has completed the refinancing of its debt portfolio, which totals $11.4 billion, and will now pay an annual interest rate of 4.6 percent.
UC RUSAL said it has obtained a new five-year $655 million loan from Russia's Gazprombank, as well as refinancing $460 million in loans from Sberbank, Russia's biggest bank.
UC RUSAL's marketing manager Oleg Mukhamedshin stated that the company is likely to reduce its debt portfolio by another $500 million in the coming 12 months.