Dubai International Capital LLC got a boost in its efforts to keep its Almatis alumina-making unit, with backing for a $685 million debt refinancing that would repay senior lenders including Oaktree Capital Management LLC.
Dubai International is challenging a plan by Oaktree, the biggest of Almatis’s senior lenders, to seize control of Almatis after the German unit violated loan terms last year.
JPMorgan Chase & Co. and Bank of America Merrill Lynch are preparing final term sheets and underwritten commitments for $350 million of senior secured notes and a $50 million revolving credit, Dubai International said in a letter yesterday to the company’s senior lenders.
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