Credit facilities for Abu Dhabi Ports worth two billion dollars
Through a consortium of 13 local and international banks
Wednesday – 14 Ramadan 1444 AH – 05 April 2023 A.D. Issue number [
16199]
The Abu Dhabi Group said that the agreement is within the framework of strengthening its strategic plans for economic development (WAM)
Abu Dhabi: «Asharq Al-Awsat»
The Abu Dhabi Ports Group signed a credit facility agreement with a consortium of 13 regional and international banks, at a value of $2 billion. The facilities include a basket of currencies divided into 3 shares, with a value of 600 million euros, 620 million US dollars, and 2.863 billion dirhams ($779.4 million). through a two-and-a-half-year forward contract.
The Emirati group said that the conclusion of this agreement comes in light of the steady increase in demand for these facilities, with the subscription requests exceeding the offered shares of the group by 3.7 times.
And «Abu Dhabi Ports», according to a statement issued yesterday, stated that with the participating banks pledging to provide a total amount of $ 7.4 billion, this undoubtedly reflects the great confidence that the banking sector places in the financial solvency of the Abu Dhabi Ports Group, and its positive view of its future.
And she pointed out: “In addition to the strong demand for new credit facilities, the Abu Dhabi Ports Group was able to improve prices compared to the renewable credit facilities that the group obtained at a value of $1 billion during 2021.”
The Abu Dhabi Ports Group had been rated (A-Plus) by the agencies “S&P” and “Fitch”, and the two agencies reaffirmed this rating following the listing and following the announcement of the acquisitions recently.
Captain Mohamed Al Shamsi, Managing Director and CEO of Abu Dhabi Ports Group, said: “Our success in raising facilities worth $2 billion is a reflection of the profitability and stability of our business, as well as recognition of the strong financial solvency enjoyed by the Abu Dhabi Ports Group, and the confidence that the banking sector places in the soundness of our long-term financial performance. This agreement also comes within the framework of strengthening our ambitious strategic plans for economic development and in line with the vision of our leadership to support the economic diversification system. Under the agreement, First Abu Dhabi Bank and Citibank will act as coordinators and bookrunners, while Mizuho Bank and Abu Dhabi Commercial Bank will be additional bookrunners. Societe Generale and Emirates NBD Capital were also authorized to undertake the tasks of organizing the facilities.
In addition, Standard Chartered Bank, HSBC Bank Middle East, BNP Paribas, Credit Agricole Investment Bank and Bank of China participate in this agreement as the main organizers of the facilities.
Sumitomo Mitsui Financial Group and Industrial and Commercial Bank of China – Dubai Branch are also participating as the facility arrangers. Finally, ADCB plays the role of facility agent.
Economy
