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Emirates Steel refinances USD 650 million of debt

Steel News - Published on Wed, 12 Dec 2018

Image Source: The National
Reuters, citing sources close to the transaction, reported that Emirates Steel, the largest steel producer in the UAE, has refinanced USD 650 million (AED 2.38 billion) of debt with a new loan and sukuk (Islamic bond). The company owned by Abu Dhabi’s Senaat, a state-owned investor in the emirate’s industrial sector, raised $1.3 billion in credit facilities in 2014, due in 2022.

It hired BNP Paribas to coordinate a USD 400 million Sharia-compliant loan financing

Last month, Emirates Steel’s parent Senaat issued a USD 300 million sukuk.

The USD 1.3 billion loan had been halved to USD 650 million via scheduled repayments since 2014.

The residual balance was settled in full with funds from the USD 400 million loan and the Senaat sukuk

The revised debt structure of Emirates Steel is currently an Islamic four-year term loan of USD 400 million and the parent company’s USD 300 million sukuk

Source :

Posted By : Ratan Singh on Wed, 12 Dec 2018
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