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Shuaa Capital has completed a leveraged buyout (LBO) of Allianz Maritime and Logistics Services through a US$160 million Secured Overnight Financing Rate (SOFR) based acquisition financing facility provided by National Bank of Fujairah (NBF) and Apicorp.
The transaction includes a seven-year interest rate swap (IRS) with NBF to hedge interest rate risk.
Shuaa, the region’s leading asset management and investment banking platform, has earned financiers confidence in the regional Offshore Support Vessel (OSV) industry and its strong sponsor credentials.
Largest SOFR
The facility is one of the largest SOFR-based LBO trading facilities in the region. The Allianz financing is also one of the few corporate credit financings in the Middle East priced against the Term SOFR.
As a leading maritime logistics company, Allianz has the largest fleet of approximately 117 owned and chartered OSVs in the Middle East, including Platform Supply Vessels (PSVs), Anchor Tug Supply Vessels (AHTS), Crew Vessels, Accommodation Barges and Flat Barges. The company also provides a full suite of maritime services such as vessel chartering, port logistics and crewing services to clients including leading international and national oil companies and offshore construction contractors.
The acquisition of Allianz is the second strategic investment by Shuaa Managed Fund in the field of OSV following the acquisition of Stanford Maritime Group (SMG), a Dubai-based OSV operator and a more than 20-year-old company in the Middle East.
152 OSV ships
With the acquisition of Allianz, Shuaa’s managed fund now includes the region’s largest 152 OSV portfolio and the world’s fourth largest OSV fleet. Shuaa expects the merger of the two leading OSV operators in the region to deliver significant revenue and cost synergies and economies of scale each year.
Jassim Alseddiqi, Group CEO of Shuaa Capital, said: “NBF and energy-focused multilateral financial institution Apicorp are at the forefront of supporting the growth of the Middle East’s energy and shipping industries, and this transaction is a testament to their commitment to the growth of regional champions. Commitment. SOFR-based financing solutions demonstrate our dynamism to quickly adapt to changing trends in the financing market.
“The interest rate swap against this instrument provides us with interest cost visibility and protection from rising interest rates. We look forward to working with all stakeholders to further develop SMG and Allianz’s business for the long-term development of the offshore oil and gas industry in the region. contribute.”
Second OSV transaction
Neil Robertson-Jones, Head of Corporate Banking, National Bank of Fujairah, said: “This is the second OSV deal signed by NBF’s energy and marine sector with Shuaa. Not only is this a testament to the strong relationship we have with Shuaa, but also Reflects our confidence in Allianz’s strength in capitalizing on growth opportunities in the offshore oil and gas sector, which is our priority area.”
Nicolas Thevenot, Managing Director of Corporate Banking at Apicorp, said: “We are delighted to support Shuaa’s financing with NBF as part of our commitment to support the sustainable development of the energy sector in the MENA region through innovative financial solutions. Allianz’s premium The asset base and its key support for the OSV segment’s expansion of offshore exploration and production activities in the region is a high-value addition to our growing impact-driven portfolio.” – arab trade news agency
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