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DUBAI, April 4 (Reuters) – Abu Dhabi-listed AD Ports Group (ADPORTS.AD) The company said in a statement to the exchange on Tuesday that it had signed a $2 billion financing agreement with a consortium of 13 banks.
The multi-currency general corporate financing agreement consists of three tranches of USD 620 million, EUR 600 million (USD 655.32 million) and AED 2.86 billion (USD 778.87 million), all equivalent to approximately USD 2 billion, with a maximum maturity of two year and half year, the company said.
Mohamed Juma Al Shamisi, Group Chief Executive Officer and Managing Director, said: “The success of raising the US$2 billion loan reflects … the banking industry’s confidence in our organisation’s strong long-term financial performance.”
AD Ports Group is part of ADQ, the Abu Dhabi investment and holding company led by Sheikh Tahnoun bin Zayed Al Nahyan, brother of the UAE president who runs a sprawling business empire. Nahyan as chairman.
Sheikh Tahnoun, the UAE’s national security adviser, was recently appointed joint deputy ruler of Abu Dhabi and chairman of Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds.
First Abu Dhabi Bank (FAB.AD) and Citibank (China) Coordinator and bookrunner for AD Ports facility, Mizuho Bank and Abu Dhabi Commercial Bank (ADCB.AD) is an additional bookrunner.
general society (SOGN.PA) and Emirates NBD Capital (ENBD.DU) Act as lead arranger.
($1 = 0.9156 Euros)
($1 = 3.6720 UAE Dirhams)
Reporting by Rachna Uppal; Editing by Subhranshu Sahu
Our standards: Thomson Reuters Trust Principles.
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