UBS Investment Bank and Arab Banking Corporation (ABC) have been mandated to arrange and underwrite a $970 million debt financing for Dubai International Capital’s acquisition of Germany’s Almatis.

UBS is the global coordinator, mandated lead arranger and bookrunner, while ABC is the mandated lead arranger and bookrunner for the senior secured facilities.

A selected number of banks and institutions will be invited to join the mandated lead arrangers in the facilities with presentations planned in London and Dubai, said a statement.

Earlier this month, Dubai International Capital had announced the acquisition of Germany’s Almatis from Rhone Capital and Ontario Teachers’ Pension Plan Board.

The debt financing also includes $235 million equivalent of mezzanine and junior mezzanine loans underwritten by UBS Investment Bank. Proceeds from the financing will be used to fund the acquisition of Almatis and refinance existing debt.

Almatis, headquartered in Frankfurt, is the global leader in the research, development and production of specialty alumina materials used in various industrial manufacturing processes such as steel refractories, ceramics and flame retardants. Its modern global manufacturing capability spans three continents, with eight manufacturing facilities in Germany, the Netherlands, the United States, Japan, China and India, and employing over 900 people.  – TradeArabia News Service