DUBAL announces completion of USD 1.8 billion 7-year term loan facility

United Arab Emirates, 11 January 2015: Dubai Aluminium PJSC (“DUBAL”), a wholly owned operating subsidiary of Emirates Global Aluminium PJSC (“EGA”), has completed the syndication of a USD 1.8 billion 7-year corporate term loan facility (the “Facility”). The Facility will be used for DUBAL’s general corporate purposes as well as its contribution to the investment plans of EGA.

The Facility was initially fully underwritten by Citi, Emirates NBD and Societe Generale Corporate & Investment Banking, and was significantly oversubscribed with a group of 12 key relationship banks also committing to the Facility: Abu Dhabi Commercial Bank PJSC, Commercial Bank of Dubai PSC, Crédit Agricole Corporate and Investment Bank, Export Development Canada, First Gulf Bank PJSC, Intesa Sanpaolo Dubai Branch, National Bank of Abu Dhabi, Natixis, Samba Financial Group, Dubai Branch, Sumitomo Mitsui Banking Corporation – Dubai Branch, The Bank of Tokyo-Mitsubishi UFJ, Ltd, Dubai Branch and Union National Bank PJSC joined the transaction as Mandated Lead Arrangers.

DUBAL took advantage of favourable loan market conditions and its strong group of relationship banks to achieve extremely competitive terms for the financing. Abdulla Kalban (Managing Director & Chief Executive Officer of EGA) said, “We are extremely pleased with the outcome of this transaction. It is a testimony to the credit strength which EGA and its subsidiaries enjoy with local, regional and international banks”.

"The positive response to this transaction validates the strong appetite and liquidity for such transactions in the Middle East as well as the solid banking relationships of EGA and its sponsors," added Rizwan Shaikh (Head of Loan Structuring and Origination for CEEMEA at Citi). "Through targeted syndication, the facility was quickly and heavily oversubscribed."

"Our read of the market was very successful," said Quentin L’Hélias (Head of Structured Finance Loan Syndicate at Societe Generale). “Appetite for the facility far exceeded requirements, with several reverse inquiries received during syndication on top of appetite from DUBAL’s existing relationship banks.”

”DUBAL succeeded to price the financing at a very competitive level,” said Mohammad Kamran Wajid (CEO of Emirates Financial Services and Emirates NBD Capital). “DUBAL’s position as a major industrial player in the UAE’s economy, as well as its attractive, underlying business fundamentals and solid ownership structure, meant banks were very enthusiastic to join the transaction.”