Emirates Aluminium Co., the company building the world’s biggest aluminum smelter in the United Arab Emirates, is seeking to raise $4 billion from loans and bonds to finance expansion, a banker familiar with the plan said.
The Abu Dhabi-based company also known as Emal aims to raise $500 million in loans from four export-credit agencies, between $2 billion and $2.5 billion from commercial-bank loans and the remainder by selling bonds, according to the banker, who asked not to be identified because the information is private. The amortizing bank loans, to be repaid over 15.5 years, may be both conventional and Islamic, although their relative proportions have yet to be finalized, the banker said.
A spokeswoman for Emal, a venture between Abu Dhabi’s Mubadala Development Co. and Dubai Aluminium Co., wasn’t able to comment when contacted by phone today. Banks were sent requests for proposals last week and have until Sept. 28 to bid, the banker said. The fundraising for the $4.58 billion expansion will be completed this year, the banker said.
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