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MENAFN - 19/03/2014
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(MENAFN) Abu Dhabi-based Emirates Steel has decided to cut around half the banks applied to fund its USD1.3 billion loan, Arab News reported



The company had also decided to drop margin by nearly a fifth following the oversubscription of the facility


The loan has attracted commitments from lenders worth more than USD5 billion, banking sources said



The loan is to refinances an existing 1.1 billion facility and raises cash to purchase assets from parent Abu Dhabi's General Holding Corp. (Senaat)

 


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