Global law firm White & Case LLP has advised En+ Group Limited with regards to its US$900 million refinancing, following a US$1 billion restructuring earlier this year.
En+ Group Limited is the energy division of Oleg Deripaska’s Basic Element group which holds a substantial stake in United Company RUSAL, the world’s largest producer of aluminium and alumina.
The initial restructuring proposal involved more than 30 banks and with U$1.33 billion of total debt to be restructured. Under the terms of the restructuring the loan deadline was extended until the end of 2013.
White & Case LLP advised En+ Group Limited on secured refinancing by VTB Capital Plc—the agent, security trustee and original lender—of an existing loan to En+ Group Limited in the amount of up to US$900 million. The refinancing facility agreement was signed on 29 October, 2010 and deal closed on 3 November, 2010.
En+ Group Limited is a Russia-based diversified mining, metals and energy group. En+ Group holds a significant stake in the world’s largest alumina and aluminium producer UC RUSAL, and 100% owns EuroSibEnergo PLC (one of the world’s largest hydro generation companies and largest Russian independent power producers) and SMR (one of the world’s largest ferromolybdenum producers).
The White & Case team included London partner Chris Utting, lead associate Natalya Bremen, as well as Clare Kimber.
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