Dubai: Dubai International Capital LLC, which is seeking to retain its control of Almatis, got $535 million of underwritten debt financing that would help repay lenders of the German alumina-products maker, two people familiar with the matter said.
Blackstone Group LP's unit GSO Capital Partners LP, Sankaty Advisors LLC, GoldenTree Asset Management LLC, Bank of America Corp and JPMorgan Chase & Co committed to the private placement of the senior secured notes to repay Frankfurt-based Almatis' top-ranked creditors including Oaktree Capital Management LLC, said the people, who declined to be identified because the information is private.
Dubai International also plans to inject $100 million of capital into Almatis as part of the refinancing proposal, which got approval from more than two-thirds of Almatis' junior lenders, said the people.
Dubai International plans to file the proposal in a US bankruptcy court, the people said.
Gill Ackers, a London-based spokeswoman for Dubai International, declined to comment.
