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Aluminium Bahrain B.S.C. (Alba), the home-base of Line 6 Expansion Project, was the proud recipient of the Syndicated Loan of the Year category at the Bonds, Loans and Sukuk Middle East Awards which has taken place on Wednesday December 7, 2017 at the Ritz Carlton, Dubai.
The award recognized the Company’s efforts to secure the largest-ever-loan in October 2016, US$ 1.5 billion Syndicated Loan (first tranche of funding), to come-out of Bahrain to fund Line 6 Expansion Project.
Speaking on this occasion, the Deputy Chief Executive Officer Ali Al Baqali said:
“We are much pleased to secure the largest corporate loan in the history of Bahrain. We are even more proud to have executed the US$ 1.5 billion syndicated loan at attractive pricing with a select group of international, regional and local banks.”
Alba brought 23 banks on board for this dual-tranche facility that was upsized by a factor of two and saw attractive pricing with over US$ 2 billion commitments in line with the Bahrain blue-chip corporates. This facility comprised two tranches: a US Dollar-denominated senior unsecured conventional term-loan facility (the Conventional Facility) of US$ 882 million and a US Dollar-denominated senior Shari’ah-compliant facility (the Islamic Facility) of US$ 618 million.