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Basic Materials
Size
Large Cap
Market Cap £104.86bn
Enterprise Value £108.78bn
Revenue £32.13bn
Position in Universe 12th / 1819

Oman's Sohar Aluminium closes $600 mln 7-year loan

Thu 1st April, 2021 7:11am
DUBAI, April 1 (Reuters) - Oman's Sohar Aluminium, in which
Rio Tinto  RIO.AX  has a stake, has closed a $600 million
seven-year loan to refinance its existing debt, the company said
on Thursday.
    Sohar Aluminium has successfully concluded a transaction
with a diverse group of international banks to refinance debt
taken to fund the construction of the smelter and associated
facilities, its Chief Executive Said Al Masoudi said in a
statement to Reuters.
    The company finalised the loan with nine banks including UAE
lenders Mashreq  MASB.DU  and First Abu Dhabi Bank  FAB.AD ,
according to a source familiar with the matter.
    The seven-year loan had a margin of 350 basis points above
LIBOR for the first five years and then 450 bps in the last two
years, the source told Reuters.
    The banks were not immediately available for comment.
    Sohar was founded in 2004 as Oman's greenfield aluminium
smelter with an annual capacity of over 390,000 tonnes, a
dedicated 1,000 megawatt power Plant, and port facilities.
    It is jointly owned by Oman's petroleum investment company
OQ, Abu Dhabi National Energy Company TAQA  TAQA.AD  and Rio
Tinto.

 (Reporting by Saeed Azhar; Editing by Shailesh Kuber)
 ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters
Messaging: saeed.azhar.reuters.com@reuters.net))
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