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Deal Date: 10-06-2014 Practice Area: Project Finance and Infrastructure
Deal Title: Emirates Steel Industries Project, Abu Dhabi Industry: Industrial Metals and Mining
Global law firm White & Case LLP has advised the lenders on the USD1.3 billion refinancing of the Emirates Steel Industries (ESI) project in Abu Dhabi, United Arab Emirates. The financing was provided by a group of 19 international, regional and UAE commercial banks, split into conventional and Islamic facilities. It was principally applied to refinance the existing USD1.1 billion project financing provided to ESI in 2010 in relation to the expansion financing of its steel production facility in Abu Dhabi. The transaction also allowed Senaat, the UAE's largest industrial conglomerate and Emirates Steel's parent company, to consolidate its steel assets under Emirates Steel. The combined ESI plants occupy a single site within the Industrial City of Abu Dhabi and since completion in early 2014, have a capacity in excess of 3.5 million metric tons per annum of a variety of steel products. The White & Case team was led by partners Margaret Cole and Shibeer Ahmed and associate Matthew Wood, supported by associates Anne-Marie Wicks, Nneka Wood and Dann Irving.
Financial Center: Abu Dhabi Value: 1000.01-5000.00
Advised Party: Debt Provider Law Firm
Project Location UAE Equity Sponsor UAE
Classification: Project Finance Industrial
Lawyer Margaret Cole