18 DECEMBER 2014AlCircle.com
Dubal to pay 1.45% more interest on its recent loan of $1.8 billion
Edited by : AL CIRCLE
1 min read
It is heard from reliable sources that Dubai Aluminium, a joint venture between Dubai and Abu Dhabi, will be paying 1.45% more interest over the London interbank offered rate on a loan worth $1.8 billion which is being jointly arranged by Citigroup, Emirates and Societe Generale SA.
The sources, who did not wish to be identified as the information was classified, say that the company will pay a one time fee of 0.9% to those lenders committing to fund $200 million.
The loan will be used to trigger expansion plans that are likely to close next year.
Dubal had been merge with the Abu Dhabi-based smelter Emirates Aluminium Co. last year to form the Emirates Global Aluminium with an enterprise value of $15 million, as a part of the government’s plan to diversify and make use of the high aluminium demand seen in the auto and construction sectors.
The sources, who did not wish to be identified as the information was classified, say that the company will pay a one time fee of 0.9% to those lenders committing to fund $200 million.
The loan will be used to trigger expansion plans that are likely to close next year.
Dubal had been merge with the Abu Dhabi-based smelter Emirates Aluminium Co. last year to form the Emirates Global Aluminium with an enterprise value of $15 million, as a part of the government’s plan to diversify and make use of the high aluminium demand seen in the auto and construction sectors.
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