London 29/04/2016 - Russian aluminium producer Rusal posted a year-on-year increase of 1.7 percent for aluminium production in the first quarter of 2015 to 916,000 tonnes, it said on Friday.
Still, this 0.5 percent lower when compared quarter-on-quarter data.
First quarter aluminium sales were up 2.7 percent at 9+57,000 year-on-year or 9.2 percent when compared with the previous quarter.
This sales increase was attributed to seasonal factors as there were lower sales in fourth quarter during the winter season. As well the addition of primary aluminium produced at Boguchansky aluminium smelter helped boost sales.
In 2015 Rusal accounted for approximately 7 percent of global production of aluminium.
Meanwhile, the company said that it has signed an amendment and restatement agreement for a new refinancing tranche as part of its existing Combined PXF facility.
Today Rusal intends to prepay the remaining scheduled instalments falling due in 2016 under this facility in the total amount of $524 million, utilising $415 million of available commitments under the new refinancing tranche as well as $109 million of the company’s own funds.
In addition, it has agreed with JSC Gazprombank to enter into new credit facilities for up to $177.6 million to refinance its scheduled repayment instalments falling due in the second and fourth quarters of 2016.
Rusal has also agreed with Sberbank for a new credit limit of up to $100 million that could be applied for refinancing its debt.