Emal signs $4.9bn financing deal

16 December 2007
Emirates Aluminium (Emal) has signed a $4.9bn financing deal for the development of its 700,000-tonne-a-year aluminium smelter at the Taweelah Khalifa Port and Industrial Zone, the biggest commercial financing for a project in the Gulf.

The deal comprises a $1.8bn 16-year term loan, a $2.8bn six-year equity bridge loan, and a $270m credit facility. Another $2bn bond tranche is expected to be launched sometime in 2008, depending on conditions in the credit markets.

Banks involved in the deal include Abu Dhabi Commercial Bank, BNP Paribas, Calyon, Royal Bank of Scotland, Standard Chartered, Sumitomo Mitsui Banking Corporation, Citigroup, Emirates Bank International, Export Development Canada, Export Finance and Insurance Corporation, Goldman Sachs Credit Partners, Mashreqbank and National Bank of Abu Dhabi.

Emal, which will have an eventual capacity of 1.4 million t/y, is a joint venture between Dubai Aluminium (Dubal) and Mubadala Development Company of Abu Dhabi.

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