April 25, 2011 / 1:37 PM / in 7 years

Russia's RUSAL repays $529 million debt in April

* Debt repayment to international, local lenders

* Says has repaid $4 bln total since crisis

MOSCOW, April 25 (Reuters) - The world’s top aluminium producer UC RUSAL (0486.HK) RUAL.PA said on Monday it had repaid $529 million of debt to international and Russian lenders.

The company said that $517 million had been repaid on April 20 and an additional $12 million will be repaid by the end of the month using the funds received from a recent 15 billion rouble ($501.5 million) bond issue by its Bratsk subsidiary.

The total amount repaid to the lenders since the start of the company’s debt restructuring agreement totalled $4 billion, RUSAL said.

The total excludes repayments under a refinancing scheme for a loan provided by the Russian state-run VEB bank, it said.

By the end of September, RUSAL’s total net debt was $11.75 billion.

RUSAL became the world’s biggest aluminium producer through a string of acquisitions and expansion over the last decade, but the global economic crisis and subsequent downturn in aluminium prices sent the group tumbling into a debt crisis.

It eventually restructured $16.8 billion of debt late in 2009, and launched initial public offering (IPOs) in Hong Kong and Paris in January 2010.

In March this year, RUSAL said it had repaid $835 million of debt using free operating cash and proceeds from another rouble-denominated bond for 15 billion roubles. [ID:nLDE72A0AK]

“RUSAL makes debt repayments ahead of schedule and actively uses new tools to raise capital, which helps the company to reduce debt service costs and to improve the debt structure,” the company said.

Reporting by Aleksandras Budrys; Editing by Jesscia Bachman and Erica Billingham

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