The loan facility has a tenure of four years and is structured as an unsecured amortising term loan.
Sunday 16, December 2018 BY KUDAKWASHE MUZORIWA
SENAAT’s Emirates Steel has finalised a loan refinancing deal that will enable the company to increase financial flexibility, simplify its debt structure and fund its growth plans.
In a statement, Emirates Steel stated that the new loan facility will be used for general corporate purposes, including the refinancing of the company’s existing bank debt.
The new financing replaces Emirates Steel’s outstanding secured debt with a corporate financing structure reflecting the established nature of the company.
Engineer Saeed Ghumran Al Remeithi, CEO of Emirates Steel, said, “The successful closing of this Murabahah agreement demonstrates Emirates Steel financial strength and stature among local and international financial markets.”
This development follows the successful issuing of $300 million by SENAAT on the Abu Dhabi Securities Exchange (ADX) and the London Stock Exchange (LSE).