Emal $4.8bn syndication close to signing

25 May 2008
Financial close for the debt on the $4.8bn Emirates Aluminium (Emal) smelter project is expected shortly.

The debt is split between a $1.8bn 16-year term loan priced at London interbank offered rate (libor) plus 70 basis points, rising to 130 basis points. A $2.8bn six-year equity bridge loan, and a $400m dirham denominated loan.

The project is sponsored by Dubai Aluminium (Dubal) and Mubadala and was launched into the syndication market in April.

Citigroup is acting as financial adviser on the project, with BNP Paribas, Calyon, Royal bank of Scotland and Standard Chartered acting as bookrunners. Abu Dhabi Commercial Bank, Citigroup, Emirates NBD, Goldman Sachs, National Bank of Abu Dhabi, Mashreqbank and Sumitomo Mitsubishi Banking Corporation also joined the syndication.

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