Banks come in for Dubal

05 July 2002

Standard Chartered Bank on 2 July became the first bank to announce the signing of a bilateral financing deal with Dubai Aluminium (Dubal) for the proposed Kestrel expansion project and other works.

Standard Chartered announced that it had signed a 10-year, $150 million debt package.

It is understood that Dubal is aiming to raise up to $1,100 million through a string of bilateral arrangements with regional and international banks. Other banks interested in participating are thought to include the following: National Bank of Abu Dhabi, National Bank of Dubai, Barclays Capital, Citibank, Credit Agricole Indosuezand HSBC Investment Bank (MEED 28:6:02).

Bankers say Dubal issued invitations for banks to provide 10-year loans priced at 50 basis points over Libor. Standard Chartered has not revealed the margin on its loan.

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