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Rusal to enter US$750M sustainability-linked loan facility

Russian aluminum producer United Co. Rusal PLC plans to enter a five-year, US$750 million sustainability-linked pre-export finance facility to refinance debt.

The company said Sept. 23 that it will be the first sustainability-linked syndicated facility arranged by international commercial banks in Russia. It mandated ING and Natixis as lead arrangers and book runners, with Natixis and Societe Generale acting as sustainability coordinators.

Rusal said it received commitments for US$725 million, subject to satisfactory documentation, with the syndication that launched in early September expected to close by mid-October. The margin will depend on the fulfillment of key performance indicators related to environmental impacts and sustainable developments.

The company will use the proceeds to partly refinance the principal outstanding under an existing pre-export finance facility of up to US$2 billion, which was drawn in May 2017.

Rusal's net profit in the second quarter dropped year over year to US$285 million from US$408 million, mainly due to higher cost of sales.