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. Last Updated: 07/27/2016

RusAl Secures $125M Credit

Russian Aluminum, the country's largest producer of the metal, has signed an agreement with a consortium of Western banks on a $125 million credit facility, the company said Monday.

"The banks will provide the facility to finance Russian Aluminum's purchases of raw materials and other inputs for aluminum production," the company said in a statement. "The term of the facility is one year."

Societe Generale acted as an agent and as a co-arranger of the loan. Other co-arrangers of the facility were ING Bank N.V., Natexis Banques Populaires, Standard Bank London Ltd. and Moscow Narodny Bank Ltd., a London-based subsidiary of Russia's Central Bank.

The loan is the largest single financing received by RusAl in 2001.

The new facility brings the total value of loans extended to the firm by international banks since December 2000 to more than $300 million.

RusAl controls more than 70 percent of Russia's primary aluminum output. It produced 2.44 million tons of the metal last year.