Emirates Steel refinances USD650mn of debt with new loan, sukuk
Emirates Steel, the largest steel producer in the UAE, refinanced USD650mn of debt with a new loan and sukuk, sources close to the transaction told Reuters. The company owned by Abu Dhabi’s Senaat, a state-owned investor in the emirate’s industrial sector, raised USD1.3bn in credit facilities in 2014, due in 2022. It hired banks to coordinate a USD400mn Shariah-compliant loan financing, Reuters reported in September. Last month, Emirates Steel’s parent Senaat issued a USD300mn sukuk. The USD1.3bn loan had been halved to USD650mn via scheduled repayments since 2014. The residual balance was settled in full with funds from the USD400mn loan and the Senaat sukuk, one of the sources close to the transaction said.
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