MANAMA: Latham & Watkins advised ALBA in connection with its entry into a $882 million conventional credit facility and a $618 million ijara facility coordinated by Gulf International Bank B.S.C., J.P. Morgan Limited and National Bank of Bahrain B.S.C.
The facilities will principally be used to finance Alba’s Line 6 Expansion Project, the landmark expansion of Alba’s existing facilities to include a sixth reduction pot line and an additional 1,792 MW power plant. The Line 6 Expansion Project is expected to add 540,000 metric tonnes per annum (mtpa), bringing Alba’s total production capacity to 1,500,000 metric tonnes per year; thus making Alba the largest single-site aluminium smelter in the world.
“The success of this transaction in difficult credit markets is testament to the standing of Alba as a leading player in the global metals industry and the liquidity that is still available to strong credits in the GCC banking market,” Partner Craig Nethercott, who led the Latham team, said.
The Latham team was led from London by finance partner Craig Nethercott and finance associate Chirag Sanghrajka, supported by London finance associate Alexander Buckeridge-Hocking.