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

Bankers involved in the deal say that it is currently in the documentation stage, and could be completed before the end of the year.

The loan will be a five-year revolving credit facility. 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 are now be refinanced.

France’s BNP Paribas is leading both refinancings.