UAE - Mubasher: Emirates Global Aluminium (EGA) has refinanced $5.5 billion of corporate debt by deleveraging and enhancing repayment terms.
A total of $1 billion was reduced from EGA’s existing seven-year $6.5 billion loan facility signed in 2019, as high aluminium prices and operational performance drive liquidity at the company, according to a press release on Thursday.
The senior unsecured new facility restructures EGA’s scheduled debt repayments and extends them by two and half years.
The transaction has been oversubscribed by 22 local, regional, and international banks.
EGA’s Chief Financial Officer, Zouhir Regragui, said: "Achieving a $1 billion reduction in the facility during a period impacted by COVID-19 demonstrates the strength of EGA’s free-cash-flow generation."
