UAE Emirates Global Aluminum Refinances $ 5.5 Billion Credit Line



DUBAI, August 19. (Reuters) – UAE-based Emirates Global Aluminum (EGA), one of the world’s largest aluminum producers, said Thursday it has refinanced a $ 5.5 billion credit line.

EGA said the new line of credit, a senior unsecured loan, will cut $ 1 billion on its existing $ 6.5 billion seven-year line of credit in 2019, and will adjust scheduled debt repayments, including a 2.5-year extension.

EGA fundraising efforts are underway as borrowers in the Gulf are looking to improve their funding to reflect better market conditions since last year’s coronavirus-driven downturn.

EGA, which is equally owned by the Abu Dhabi state fund Mubadala and the Dubai Investment Corporation, produces 4% of the world’s aluminum.

Reporting by Hadil Al Sayegh; Jason Neely editing

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