Bahrain Alba gets loans to pay off $169m bond maturing in 2013

Aluminium Bahrain, or Alba, which owns the world's fourth-largest aluminium smelter, said on Sunday it received two loans from banks to refinance a $169 million bond maturing in March 2013.

Alba, 69 percent owned by Bahraini sovereign wealth fund Mumtalakat and 20 percent by the Saudi government, said it obtained a five-year $85 million loan from Abu Dhabi's First Gulf Bank, according to a statement on the Bahrain bourse.

The company also received a three-year $84 million loan from a group of banks including Ahli United Bank, National Bank of Bahrain, Bank of Tokyo-Mitsubishi UFJ Ltd , Bank of Bahrain and Kuwait and Arab Banking Corporation.

Alba earlier in December said it had hired Bechtel Canada to conduct a feasibility study for its proposed $2.5 billion expansion plan to add a sixth production line.

The new line - which will add 400,000 tonnes annual capacity to its current production of 881,000 tons a year - could be completed by early 2015.