EGA secures revolving credit facility worth $600 million
Emirates Global Aluminium, the UAE’s largest industrial company outside oil and gas, announced on Monday, February 3, that it secured a revolving credit facility worth $600 million, with a syndicate of UAE and international banks.
The credit facility, priced at a competitive margin, is committed for three years replacing uncommitted facilities extended to EGA separately by a number of banks.
Abdulnasser Bin Kalban, Chief Executive Officer of EGA, said: “EGA has grown into a substantial global business with operating assets on two continents and at every step of the aluminium value chain from mine to metal. This committed revolving credit facility is the next step in the evolution of our financing and balance sheet management strategy and enables a robust and structured approach to managing our short term working capital and liquidity position.”
This facility can be drawn upon at any time at the borrower’s discretion so as to ensure efficient management of cash flow and liquidity.
According to the report, Commercial Bank of Dubai, Emirates NBD, Mashreq, and Standard Chartered were the joint lead arrangers and bookrunners of the deal.
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