Rusal gets OK for up to $300 million credit facility prepayments

By Toni Weeks

San Luis Obispo, Calif., Dec. 23 – United Co. Rusal plc announced that its board of directors and the required majority of the lenders approved an amendment allowing for partial prepayments under several previous credit agreements.

Specifically, the amendment provides an amount equal to the lesser of (i) $300 million and (ii) the amount of the interim dividends for nine months of 2014 that the company expects to receive from OJSC Norilsk Nickel to make partial prepayments on a pro rata basis under the Sberbank and Gazprombank facilities.

The prepayment is to be undertaken by the company to pursue its deleveraging strategy, which is a priority for the company, according to a news release.

Rusal is an aluminum company based in Moscow.

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