Rusal granted covenant holiday option
Rusal’s lending group had to adopt a “pragmatic stance” after heavy negotiations saw a covenant holiday option added to the aluminium producer’s October 2011 $4.75bn pre-export finance package, according to a banker.
I wouldnt say it was welcomed by the bank group with open arms, said the emerging markets loans banker. As often happens in the syndicated loan market, rather than just reacting knee-jerk, banks took a look at the facts and adopted a pragmatic stance.
Rusal now has the option
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