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ABU DHABI / WAM
Emirates Steel, the only integrated steel plant in the UAE and a subsidiary of the General Holding Corporation (Senaat), has finalised a significant $400 million loan refinancing deal that will enable the company to accelerate deleveraging, increase financial flexib- ility, simplify its debt structure and fund its growth plans.
The new financing replaces Emirates Ste-el’s outstanding secured debt with a corporate financing structure reflecting the established nature of the company. The loan facility has a tenure of four yea-rs and is structured as an unsecured amortising term loan.
The new loan facility will be used for general corporate purposes, including refinancing of the company’s existing bank debt.