Deripaska's SMR Molybdenum Company Refinances Its $122M Debt
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 11.12.2009 |
Dow Jones
SMR, the Russian molybdenum miner owned by billionaire Oleg Deripaska has completed refinancing of its $122 million debt to domestic and international banks, the Basic Element holding company, of which SMR is a part, said Friday.
The refinancing has been completed with Russia's Alfa Bank, which SMR owes $22 million, joining four international banks, Basic Element said.
ABN Amro Bank NV, BNP Paribas (Suisse) SA, ING Bank NV and Raiffesen Zentralbank Osterreich Aktiengesselschaft, as well as Alfa, are providing SMR with a new four-year, $122 million club loan.
Deripaska's companies, some of the most indebted in Russia, have achieved progress on restructuring their debt. Aluminum giant UC Rusal completed the restructuring of its $16.5 billion debt Dec. 3, whereas automaker Gaz (Russia) (GAZA.RS), restructured its $1 billion debt in October.
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