DUBAI - The UAE's Emirates Global Aluminium (EGA), one of the world's largest aluminium producers, said on Thursday it had refinanced a $5.5 billion loan facility.
EGA said that the new facility, a senior unsecured loan, lowers by $1 billion the size of the company's existing seven-year $6.5 billion loan facility in 2019, as well as adjusts scheduled debt repayments including extending them by 2.5 years.
EGA’s fundraising exercise comes as borrowers in the Gulf seek to improve their financing to reflect better market conditions after last year’s coronavirus-driven downturn.
EGA, which is owned equally by Abu Dhabi state fund Mubadala and the Investment Corporation of Dubai, produces 4% of the world's aluminium.
(Reporting by Hadeel Al Sayegh; editing by Jason Neely) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))