Abu Dhabi’s Senaat (formerly General Holding Corporation) is approaching banks for a $750m loan that will be used to refinance an existing $500m deal put in place in mid-2010.

The deal will be a five-year revolving credit facility launched on 26 August and banks are expected to respond with commitments by 19 September, according to bankers close to the process.

When the original deal was completed in 2010, it was part of a wider financing package put in place to fund the expansion of the Emirates Steel plant at Mussafah. Both the Senaat loan and the project finance debt will now be refinanced.

France’s BNP Paribas is leading both refinancings.