The facility will be used to part finance the construction and operation of a 90,000 tonnes per annum cold rolled stainless steel mill in the Hidd Industrial Area, Kingdom of Bahrain. USCO will be the first cold rolled stainless steel producer in the region.
Arab Banking Corporation (B.S.C.) is the Sole Underwriter, Bookrunner and Facility & Security Agent. Syndication received strong support from the regional bank market and comprises the following participants:
Mandated Lead Arranger
Arab Banking Corporation (B.S.C.)
Lead Arrangers
Commercial Bank of Qatar
Mashreq Bank
National Bank of Abu Dhabi
National Bank of Dubai
Qatar National Bank
Arrangers
Abu Dhabi Investment Company
National Bank of Kuwait
The OPEC Fund
USCO was established in February 2005 and production is scheduled to start in April 2007. It will be the first company of its kind in the GCC. The project has brought together several strategic GCC private and public sector investors, namely: GIC (Kuwait), QASCO (Qatar), NIG (Kuwait), Al Kharafi Group (Kuwait) and Kuwait Foundry (Kuwait).
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Arab Banking Corporation (B.S.C.) announces the closing of US$153 million Syndicated Debt Financing for United Stainless Steel Company B.S.C.
- Bahrain: Monday, December 11 - 2006 at 15:02
- PRESS RELEASE
Arab Banking Corporation (B.S.C.) as Mandated Lead Arranger announces it has successfully closed the 12.5 year US$153 million Syndicated Debt Financing Facility for United Stainless Steel Company B.S.C. ("USCO").
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Notes and media contacts
For further enquiries, please contact either of the following:Arab Banking Corporation (B.S.C.)
John McWall
Head of Group Syndications
Tel. (+973) 1754 3967
Fax (+973) 1753
Umer Sultan
Vice President - Group Syndications
Tel. (+973) 1754 3507
2248 /17533079
Fax (+973) 1753 3079
Posted by Lara Lynn Golden, News EditorMonday, December 11 - 2006 at 15:02 UAE local time (GMT+4)
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