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Emirates Steel: Compliant and flexible
02 February 2011
Middle East Islamic Deal of the Year 2010
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The $2.2 billion dual-tranche Islamic and conventional financing of the Emirates Steel Expansion project – the single largest steel financing in the Middle East to date and one of the largest project financings in the region last year – closed against the backdrop of volatile steel prices and tight bank liquidity. The deal featured innovation and flexibility in its shari’a compliant structuring of a major financing with cash sweeps, deferrals and inter-creditor agreements. It also reached financial close with more than 2x oversubscription on the commercial debt and 4x on the Islamic debt: the Islamic tranche closed in just eight weeks.
Sponsored by General Holding Corporation (100%) – which is wholly owned by the Government of Abu Dhabi – the expansion project was provisionally financed with bridge loans, the maturity of which established a firm deadline for implementation of the long-term project financing. Natixis acted as financial advisor to Emirates Steel...
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