UAE’s Emirates Steel refinances $650 million of debt with new loan, sukuk – sources | Reuters:
Emirates Steel, the largest steel producer in the United Arab Emirates, has refinanced $650 million of debt with a new loan and sukuk or Islamic bond, sources close to the transaction told Reuters.
The company owned by Abu Dhabi’s Senaat, a state-owned investor in the emirate’s industrial sector, raised $1.3 billion in credit facilities in 2014, due in 2022.
It hired BNP Paribas to coordinate a $400 million sharia-compliant loan financing, Reuters reported in September
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