Emirates Global Aluminium (EGA) has signed a syndicated US$600mn revolving credit facility (RCF).
Commercial Bank of Dubai, Emirates NBD, Mashreq and Standard Chartered acted as the joint lead arrangers and bookrunners for the three-year deal.
According to an EGA statement, the facility is priced at a competitive margin and replaces uncommitted facilities that had been separately extended to EGA by a number of banks.
Speaking about the financing, the firm’s CEO Abdulnasser Bin Kalban says: “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.”
He adds: “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.”
EGA, which was created by a merger between Abu Dhabi and Dubai’s government-owned smelters in 2013, also runs a bauxite mine and associated export facilities in the Republic of Guinea.
According to the firm, it is the biggest industrial company in the UAE outside of the oil and gas sectors, bringing in billions of dollars in export revenue each year.