Saturday 15 August 2020

Emirates Steel signs $1.1bn project financing

Abu Dhabi, August 25, 2010

Emirates Steel, the largest integrated steel producer in the UAE, has signed a $1.1 billion, seven-year project financing agreement with a consortium of seven conventional banks and two Islamic finance institutions.

Emirates Steel is a subsidiary of the Abu Dhabi Basic Industries Corporation (Adbic), which is wholly-owned by General Holding Corporation (GHC), an Abu Dhabi Government-owned company.

The project finance debt was raised through a $367 million Islamic facility and a $733 million conventional facility, each of seven-year tenor.

The conventional banks consortium consists of the National Bank of Abu Dhabi, Union National Bank, First Gulf Bank, Bank of Baroda, Arab Banking Corporation, Al Khaliji France and Al Khalij Commercial Bank (Al Khaliji).

The two Islamic finance institutions are the Abu Dhabi Islamic Bank and Al Hilal Bank. Natixis has acted as financial advisor and Denton Wilde Sapte as legal counsel on this transaction. – TradeArabia News Service

Tags: abu dhabi | Islamic Finance | Emirates Steel | Project Financing |

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