The facility provides extends the company’s debt maturity profile/Bloomberg
by Kudakwashe MuzoriwaSaudi Arabia’s Fawaz Abdulaziz Alhokair Company has signed a seven-year $800 million Murabahah financing facility and a three-year revolving credit facility agreement with a syndicate of regional banks.
The financing facility composes of two tranches, including a $650 million Murabaha to be fully utilized in refinancing existing debt and a $150 million revolving standby credit facility to finance the company’s operational and expansion needs.
Al Rajhi Bank, National Commercial Bank, Samba Financial Group and Arab National Bank participated in the loan agreement. Similarly, UAE’s Mashreq Bank and Abu Dhabi Islamic Bank were also part of the financers to the deal.
The facility also provides improved pricing and terms and conditions compared to the company’s current debt, while extending the company’s debt maturity profile.
Fawaz Alhokair Group’s Arabian Centres is set to raise as much as SAR 2.8 billion ($747 million) after pricing its initial public offering (IPO) at the bottom of its indicative range.
Arabian Centres was Saudi Arabia’s first under Rule 144a, which allows the sale of securities primarily to qualified institutional buyers in the US.
MOST READ
INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Abu Dhabi’s Group 42 acquires BayanatINVESTMENT
Amanat considers stake in VPS HealthcareINVESTMENT
UBS investment bank job cuts reach Europe
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
