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Thread dedicated to UAE's economy
UAE Economy
- Thread starter Khafee
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Emirates Global Aluminium repays financing facilities early to tune of $361m
Thu 30 Dec 2021
Project financing, by 13 export credit agencies and banks, was extended to Emirates Aluminium, now an EGA subsidiary, for the company’s Al Taweelah smelter in Abu Dhabi
The early repayment further deleverages EGA and is an important part in the company’s capital structure optimisation strategy.
Emirates Global Aluminium has repaid $361 million worth of financing facilities for the development of the company’s Al Taweelah smelter in Abu Dhabi.
The project financing, by 13 export credit agencies and banks, was extended to Emirates Aluminium, now an EGA subsidiary, for phase 1 of the project in 2010 and then phase 2 in 2013, each with a tenor of 15 years.
The early repayment further deleverages EGA and is considered an important part in the company’s capital structure optimisation strategy.
EGA’s financing has been reduced by over $1 billion in the last two years and now consists of a senior term loan facility of $5.5bn, and EGA subsidiary Guinea Alumina Corporation’s $700 million project finance facility, which was secured in 2019.
Zouhir Regragui, EGA’s chief financial officer, said: “This further deleveraging simplifies our debt structure and strengthens our balance sheet for the next stage in our corporate journey. We have been able to de-lever successfully in 2021 while generating returns for our shareholders due to the enduring strength of our business and robust demand for our metal.”
Thu 30 Dec 2021
Project financing, by 13 export credit agencies and banks, was extended to Emirates Aluminium, now an EGA subsidiary, for the company’s Al Taweelah smelter in Abu Dhabi
The early repayment further deleverages EGA and is an important part in the company’s capital structure optimisation strategy.
Emirates Global Aluminium has repaid $361 million worth of financing facilities for the development of the company’s Al Taweelah smelter in Abu Dhabi.
The project financing, by 13 export credit agencies and banks, was extended to Emirates Aluminium, now an EGA subsidiary, for phase 1 of the project in 2010 and then phase 2 in 2013, each with a tenor of 15 years.
The early repayment further deleverages EGA and is considered an important part in the company’s capital structure optimisation strategy.
EGA’s financing has been reduced by over $1 billion in the last two years and now consists of a senior term loan facility of $5.5bn, and EGA subsidiary Guinea Alumina Corporation’s $700 million project finance facility, which was secured in 2019.
Zouhir Regragui, EGA’s chief financial officer, said: “This further deleveraging simplifies our debt structure and strengthens our balance sheet for the next stage in our corporate journey. We have been able to de-lever successfully in 2021 while generating returns for our shareholders due to the enduring strength of our business and robust demand for our metal.”