ABU DHABI, Emirates Global Aluminium, EGA, today announced it has secured a $600 million revolving credit facility with a syndicate of UAE and international banks.
According to a press release issued by EGA on Monday, the three year committed facility, priced at a competitive margin, replaces uncommitted facilities extended to EGA separately by a number of banks.
Commenting on the announcement, Abdulnasser Bin Kalban, Chief Executive Officer of EGA, said, "EGA has grown into a substantial global business with operating assets on two continents and at every step of the aluminum value chain from mine to metal. This committed revolving credit facility is the next step in the evolution of our financing and balance sheet management strategy and enables a robust and structured approach to managing our short term working capital and liquidity position."
Commercial Bank of Dubai, Emirates NBD, Mashreq and Standard Chartered acted as the joint lead arrangers and bookrunners for the deal.
A revolving credit facility is a line of credit extended by lenders which can be drawn upon at any time at the borrower's discretion. Revolving credit facilities are used by complex businesses to enable the efficient management of cash flow and liquidity.
Source: Emirates News Agency