UAE's EG Aluminium picks arrangers for $5bn loan
Emirates Global Aluminium has picked seven banks to refinance its $4.9bn loans
The UAE's Emirates Global Aluminium (EGA) has picked seven banks to raise a $4.9bn refinancing loan.
According to Reuters, EGA has picked BNP Paribas, Citi, Dubai Islamic Bank, Emirates NBD, ING, National Bank of Abu Dhabi, and Natixis to arrange the finances.
EGA was created through the merger of two state owned aluminium companies, Dubai Aluminium (Dubal) and Emirates Aluminium (Emal).
The firm is consequently owned by Mubadala and Investment Corporation of Dubai.
A loan between 12 and 14 years is being searched for to finance the loans taken for Emal projects.
The company plans to "consolidate existing debt into a single loan at improved costs", according to the report.