Emirates Global Aluminium (EGA) is looking to potentially refinance up to $6.7 billion of its debt, banking sources told LPC, a fixed income news service that is part of Refinitiv.
EGA, the product of a merger between two state-owned aluminium companies – Dubai Aluminium (Dubal) and Abu Dhabi’s Emirates Aluminium in 2013 – is jointly owned by Abu Dhabi investment fund Mubadala and state company Investment Corporation of Dubai.
Dubal is still an entity within EGA that can borrow money in its own right.
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EGA’s debt includes a $4.9 billion seven-year loan, which was fully underwritten by seven banks and signed in March 2016, and a $1.8 billion seven-year loan signed by Dubal in January 2015, according to LPC data.
The new deal will include the refinancing of some or all of the 2016 loan, an amend and extend of some of its existing facilities and potentially some new financing, one banker told LPC.
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