Rusal completes debt refinancing

UC Rusal said yesterday it had finished refinancing its $11.4bn (£7.4bn) debt portfolio, finally freeing it from restrictions on investments and dividend payments imposed by a restructuring deal. The firm, Russia's most indebted at the time of the 2008 credit crunch, said it had used a recently agreed new loan to pay off $4.34bn still owed to foreign creditors under its landmark restructuring deal with over 70 lenders. The repayment was made with a $4.75bn syndicated loan arranged with a pool of 13 banks. The terms of the restructuring imposed limits on Rusal's management of financial resources.