The proceeds have been used to repay debt owed by the company to its lenders as well as principal debt and accrued interest to the Onexim Group.

Rusal has also settled a fee to its international lenders in connection with the debt restructuring. Of the total international lenders were repaid $1.46bn and given a $152M fee, Russian lenders $253M and Onexim Group $278M.

Rusal did not repay any of its debt to state-owned Russian bank VEB, which bought 3.11% of Rusal shares during the offering becoming the largest of the 229 buyers. The debt repayments exceeded the repayment target for 2010. It means Rusal’s total debt is now $12.9bn.