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Media In Abu Dhabi – 16 December 2018 /
Emirates Steel Company announced the completion of a $ 400 million murabaha transaction under which it will receive a refinancing loan that will give it more financial flexibility and help streamline its debt structure as well as support existing growth plans.
The deal provides for the replacement of the secured debt owed by Emirates Steel with an institutional financing structure that reflects its established position. The new structure takes the form of unsecured debt repayable in installments over four years. The new loan will be used for general corporate purposes, including refinancing the current bank debt.
BNP Paribas has coordinated the deal with Abu Dhabi Islamic Bank (ADIB), which is a lender to AB Svensk Expocredit, Citibank NA, First Abu Dhabi Bank, Ji “and Union National Bank.
The success of Industries, a US $ 300 million sukuk, recently listed on the Abu Dhabi Securities Exchange (ADX) in its first joint listing with the London Stock Exchange, has contributed to strengthening the position of the UAE Ironies on this financing transaction by obtaining preferential refinancing options based on the principle Islamic Murabaha.
Eng. Said Ghamran Al Rumaithi, Chief Executive Officer of Emirates Steel Company, said: “The signing of the Murabaha deal is a testament to the company’s financial strength, its position with local and international financial institutions and its ability to meet financing requirements on a basis that attracts investors.
