The world's largest aluminum producer RusAl said on Thursday it had repaid $119 million of debt to foreign and local lenders.
The aluminum giant said it had repaid $119 million on June 29 and $1.7 billion since the beginning of the year, including refinancing from the proceeds of a recent ruble bond issue.
The total amount repaid by the company to the lenders since the start of RusAl's debt restructuring agreement totaled $4.3 billion, excluding repayments under a refinancing scheme for a loan granted by state-run Vnesheconombank, the firm said.
"The solid position of the company allows us to anticipate full refinancing of existing debt by September this year, which will lower the interest expenses, improve debt structure and let the company consider the possibility of paying dividends," RusAl Financial Markets Director Oleg Mukhamedshin said in the statement.
RusAl's net debt amounted to $11.382 billion as of March 31 this year. Last week RusAl approved the terms of a $4.75 billion pre-export finance facility with international lenders intended to refinance the debt.