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Alba closes loan facility for Line 6 expansion

MANAMA: Aluminium Bahrain (Alba), on the go to become the world’s largest smelter, has announced that it has successfully closed by the end of 2018 the final instalment of the second tranche in respect of the financing of its Line 6 Expansion Project, consisting of $136 million and 90m euro from Export Credit Agency-supported facilities.

The proceeds from the ECA and guaranteed loans are used to finance the provision of equipment for the Line 6 Expansion Project.

The facilities are made up of $136m Export Development Canada-supported facility with a 10-year tenor wherein the principal amount is to be repaid over a 10 year period; and 90m euro Japan Bank for International Co-operation/Nippon Export and Investment Insurance-supported facilities comprising two contract loans, the first of which has a tenor of 10 years and a principal repayment period of 9.5 years, and the second contract loan having a tenor of six years with the principal amount to be repaid over a 5.5-year period.

Commenting on this milestone, Alba’s chairman Shaikh Daij bin Salman bin Daij Al Khalifa said: “This is another concrete highlight for us and a step closer towards transforming our vision into reality with the safe start-up of Line 6. We are also truly thankful to receive further support from our banking partners in the ECA-supported facilities.”

Source: http://www.gdnonline.com/Details/471159/Alba-closes-loan-facility-for-Line-6-expansion