Investor Presentaiton
En+
GROUP
FINANCIAL REVIEW
LOANS AND BORROWINGS
SECURITY
En+ Group Annual Report 2021
KEY EVENTS
STRATEGIC REPORT
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
The nominal value of
the Group's loans and
borrowings was
USD 8,448 mn
as at 31 December 2021,
not including bonds,
which amounted to an
additional USD 2,457 mn
Set out below is an overview of certain key terms of selected facilities
in the Group's loan portfolio as at 31 December 2021:
Facility /
Lender
Principal amount
outstanding as at
31 December 2021
Tenor/Repayment schedule
Pricing
METALS SEGMENT
Syndicated facilities
PXF facility
2019
USD 995 mn
PXF Facility
2021
USD 200 mn
Taishet
project
financing
RUB 23 bn
Bilateral loans
Bank Loan
USD 375 mn
USD 2.1 bn
Bank Loan
Bonds
RUB 17.9 bn
Up to USD 1.085 bn syndicated
aluminium pre-export finance
term facility - until November
2024; equal quarterly
repayments starting from
January 2022
Up to USD 200 mn syndicated
aluminium pre-export finance
term facility until January
2024 equal quarterly repayments
starting from April 2022
Up to RUB 45 billion syndicated
project finance facility - until
December 2035, quarterly
repayments starting from March
2023
3 month LIBOR
plus 2.1% p.a.
3 month LIBOR
plus 1.7% p.a.
Key rate of the
Bank of Russia
plus 3.15% p.a.
2 tranches, the last repayment
in November 2022, bullet
repayment at final maturity date
December 2027, quarterly
repayments starting from
September 2024
2.15% 2.25% p.a.
3 month LIBOR
plus 3.0% p.a.
Key rate of the
Bank of Russia
plus 1.9% p.a.
As of 31 December 2021, the Metals
segment's debt (save for several
unsecured loans and bonds) is secured,
among others, by assignment of
receivables under specified contracts,
certain pledges of shares of a number
of the Group's subsidiaries, designated
accounts, shares in Norilsk Nickel
(representing 25% of Norilsk Nickel's
total nominal issued share capital).
As of 31 December 2021, the Power
segment's debt is secured, among
others, by pledges of shares and
interests in certain operating and
non-operating companies and
property, plant and equipment.
On 28 January 2021, RUSAL signed
the sustainability-linked pre-export
finance facility for an amount of up to
USD 200 million. Following the success
of the first Russian sustainability-linked
syndicated pre-export finance facility
arranged in 2019 by international and
Russian banks, RUSAL continues to pursue
its ambitious decarbonisation goals. The
group of international banks continues
to support RUSAL in its aim to develop
low-carbon aluminium technologies and
sustainable aluminium production. The
interest rate under the facility is subject
to a sustainability discount or premium
depending on the RUSAL's fulfilment of
the applicable key performance indicators
which will be further agreed between
the parties. The proceeds were used
to refinance more expensive debt.
In March 2021, RUSAL announced the
signing and commencement of the
drawdown of a syndicated loan agreement
for an amount of up to RUB 45 billion.
The term of financing is up to 15 years.
The funds raised were used to finance
the completion of the start-up phase of
the TaAZ smelter and partial refinancing
of investments made in 2020.
58
Eurobond
USD 512 mn
Eurobond
USD 482 mn
Eurobond
RUB bonds
USD 498 mn
RUB 70 bn
swapped into USD,
for equivalent USD
1.1 bn (after cross-
currency swaps)
POWER SEGMENT
February 2022, repayment at
final redemption date
May 2023, repayment at final
redemption date
February 2023, repayment at
final redemption date
5 tranches, the last repayment
is May 2030, repayments at
final redemption dates, subject
to a bondholders' put option
exercisable within 3.0-3.5 years
5.125% p.a.
5.3% p.a.
4.85% p.a.
2.9%-4.69% p.a.
(after cross-
currency swaps)
Syndicated
loan
RUB 44.9 bn²
Bilateral loan
RUB 88.5 bn
Bilateral loan
RUB 100.8 bn
June 2023, quarterly repayments
starting from September 2019
December 2026, quarterly
repayments starting from
September 2020
December 2022 (with the
Borrower's right to extend
to December 2026 - with
scheduled repayments starting
from 2023)
The key rate
of the Bank of
Russia +2% p.a.
The key rate
of the Bank of
Russia +1.5% p.a.
The key rate
of the Bank of
Russia +1.65%
p.a.
In February 2022, Rusal completed the scheduled repayment of Eurobonds in the amount of
USD 512 million out of its own funds.
The loan was fully refinanced in March 2022 through a new RUB 41 bn bilateral loan.
APPENDICES
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