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19-03-14

Emirates Steel decides to cut margine

(MENAFN) Abu Dhabi-based Emirates Steel has decided to cut around half the banks applied to fund its USD1.3 billion loan, Arab News reported. The company had also decided to drop margin by nearly a fifth following the oversubscription of the facility. The loan has attracted commitments from lenders worth more than USD5 billion, banking sources said. The loan is to refinances an existing $1.1 billion facility and raises cash to purchase assets from parent Abu Dhabi's General Holding Corp. (Senaat).