Alba signs $169m loan

30 December 2012

Bahraini banks dominate refinancing for aluminium smelter’s bond maturing in March 2013

Aluminium Bahrain (Alba) has secured a $169m loan that will be used to refinance a bond maturing in March 2013.

The new deal is split between an $85m five-year loan from Bahrain-based Gulf International Bank, and an $84m three-year loan from the local Ahli United Bank, National Bank of Bahrain, Arab Banking Corporation, and Bank of Bahrain and Kuwait, as well as Japan’s Bank of Tokyo-Mitsubishi.

Alba, one of the top 10 largest aluminium smelters in the world, began approaching banks for the refinancing in September.

In November 2010, the company listed on the Bahrain Bourse and the London Stock Exchange. Profit in the second quarter of 2012 fell to BD35.6m from BD69.7m in the same period of 2011

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