NEWS
Aluminium   Investment  

Bahrain's Alba raising $1.5 billion in bank debt -sources

Aluminium Bahrain (Alba) , owner of one of the world’s largest aluminium smelters, is raising $1.5 billion in bank debt to refinance loans it obtained in 2016 to back its Line 6 expansion project, two sources familiar with the matter said.

The company has mandated three Bahrain-based banks – National Bank of Bahrain, Bank ABC and Gulf International Bank – to underwrite the facility, which is now being syndicated to the wider bank market, said the sources.

Alba – which declined to comment – completed $1.5 billion in financing in 2016, marking the largest corporate loan ever raised in Bahrain.

The three banks leading the debt raising did not respond to comment requests.

Alba’s original loan, split into an $882 million conventional tranche and a $618 million sharia-compliant tranche, had a seven-year maturity and was coordinated by JPMorgan, National Bank of Bahrain and Gulf International Bank.

Alba’s financial performance has recently been hurt by lower London Metal Exchange (LME) prices, U.S.-China trade tensions and a drop in aluminium demand in North America and Europe.

It posted a loss of 19.1 million Bahraini dinars ($50.69 million) in the first half of this year.

News No: 6305
Date: 2019/09/05 - 14:31
News Source: Aluminum Insider

Bank ABC  aluminium smelters  Aluminium Bahrain  Alba 

Comments:

Leave a Comment:

   
   
   
 

Alba adds new custom-made Fire Truck to its existing fleet

Aluminium Bahrain (Alba) announced the addition of a state-of-the-art, custom-made Fire Truck to its existing fleet of emergency vehicles. The Fire Truck, which was designed and manufactured in the US, is equipped with new fire appliances and modern technology which will help the team to carry-out emergency operations more effectively.
 

Alba wins Leading Corporate for Investor Relations at MEIRA Awards 2019

Aluminium Bahrain B.S.C. (Alba), on course to become the world’s largest aluminium smelter, was recognised as the Leading Corporate for Investor Relations in Bahrain at the recently held 11th Middle East Investor Relations Association (MEIRA) Awards’ Ceremony.
 

Alba announces ARABAL 2019 in a press conference in the Kingdom of Bahrain

Aluminium Bahrain B.S.C (Alba) is hosting the 23rd Arab International Aluminium Conference (ARABAL 2019), that will be held under the patronage of His Royal Highness Prince Khalifa bin Salman Al Khalifa the Prime Minister of the Kingdom of Bahrain. Alba organized a Press Conference on Tuesday, 15 October 2019 at the Gulf Hotel, Kingdom of Bahrain to announce more details of the mega event.
 

Alba promotes two members as part of the company’s strategic priorities

Aluminium Bahrain B.S.C (Alba), on course to become the world’s largest aluminium smelter with Line 6, has announced the promotions of two members following the company’s Board meeting. Bryan Harris has been promoted to the Chief Financial Officer on 25 September 2019.
 

Alba records 10 million working-hours without LTI

Aluminium Bahrain (Alba), on course to become the world’s largest aluminium smelter with Line 6, announced a historic milestone as its smelter completed 10 million working-hours without any Lost Time Injury (LTI) on 27 August 2019 for the first time in the history of its operations since 1971.
 

Guinea Alumina Corporation announces its first export of bauxite ore

Guinea Alumina Corporation (GAC) announced on August 4 that its first ship loaded with metallurgical-grade bauxite sailed from transhipment location near the company’s port in Kamsar to world markets. This marks the first bauxite ore exports from GAC and the beginning of commercial production for one of Guinea’s most important mining projects.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners