DUBAI (Reuters) - Emirates Global Aluminium, one of the world’s largest aluminium producers, is in talks with banks to refinance and change the terms of a loan of about $6 billion it secured in 2019, two sources with knowledge of the matter said on Wednesday.
EGA, which produces 4% of the world’s total aluminium, took a loan of over $6 billion in early 2019 to refinance a $4.9 billion loan secured in December 2015 as well as to fully repay a $1.8 billion loan raised by EGA’s subsidiary Dubai Aluminium.
The syndicated loan EGA is seeking to restructure was issued on Jan. 28, 2019 and totalled $6.545 billion, according to Refinitiv data.
A group of around 25 international and regional banks participated in the loan.
Banks leading the deal included BNP Paribas, Citi, Emirates NBD, ING and Natixis.
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