New facility cuts existing loan by $1bln, extends debt repayments
Emirates Global Aluminium, which is owned by Abu Dhabi state fund Mubadala and Investment Corporation of Dubai, has refinanced a $5.5 billion corporate debt to boost its balance sheet and reduce leverage.
In a statement on Thursday, the industrial company said the senior unsecured loan cuts by $1 billion the size of its existing seven-year $6.5 billion loan facility, which was earlier signed in 2019.
It also reprofiles EGA’s scheduled debt repayments and extends them by 2.5 years. “The terms include a mechanism that delivers material reductions in the cost of debt to EGA ,” the statement noted.
Zouhir Regragui, EGA’s chief financial officer, said the institutions that acted as coordinators, bookrunners and mandated lead arrangers in the new transaction were Citi, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank and Natixis.
The other bookrunners and lead arrangers were Abu Dhabi Commercial Bank, BNP Paribas, Export Development Canada, ING, Intesa Sapaolo, MUFG, Societe Generale and Standard Chartered.
Other banks that participated in the financing were Al Ahli Bank of Kuwait, Arab Petroleum Investments Corporation, Commercial Bank of Dubai, Kuwait Finance House, Mashreq Bank, National Bank of Kuwait, National Bank of Ras Al Khaimah, Sharjah Islamic Bank and State Bank of India.
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