(MENAFN) Emirates Aluminium (Emal), a joint venture between Abu Dhabi's Mubadala and Dubai Aluminium, is seeking to raise USD4 billion loans to help finance its expansion plans, Project Finance International (PFI) reported.
PFI, a Thomson Reuters publication, said lenders were asked to respond by September 28.
In December, Emal's CEO Saeed Fadhel Al Mazrouei said that the smelter expansion will boost output to 1.4 million tons annually once completed.
According to PFI, the proposed structure includes four export credit agencies who will provide USD500 million, while the rest of the financing will comprise conventional and sharia-compliant loans as well as a bond issue, according to PFI.
The four agencies participating in the project are the Export-Import Bank of the United States, France's Coface, Germany's Hermes and the Export-Import Bank of Korea.
The loan tranches will have a tenor of 15.5 years. Creditors who will be involved in the conventional and Islamic loan portions will be able to pitch for the bond mandate.