Guardian Zoujaj International Float Glass Co LLC raises USD100 million syndicated loan facility

While BNP Paribas, Mashreqbank and SAMBA Financial Group are the MLAs, Bank of Baroda joins as a Lead Arranger. BNP was the book-runner while Mashreqbank has assumed the role of a Facility Agent and Security Agent.

Mashreq's multi-faceted association with this prestigious financing underscores its deep knowledge of the UAE financial markets as well as it's structuring and transaction management capabilities.

Guardian RAK will use the loan to part finance its upcoming 700 tons per day float glass manufacturing unit in Ras Al Khaimah. The facility is divided into a term loan component of US$75 million with the remaining US$25 million structured as a revolving credit line.

Guardian industries Corp., is a privately owned multinational corporation engaged in flat glass manufacturing and fabrication, automotive products and building products. The company is a leading manufacturer of float glass and fabricated glass products for the construction industry and is one of the largest flat glass producers in the world with 24 manufacturing facilities world wide.

The National Company for Glass Industries ("Zoujaj") is a Saudi joint stock company producing returnable and non-returnable glass containers of various types and sizes for soft drinks, juices and the food industry.

The Zamil Group is one of the leading diversified industrial, commercial and service companies in Saudi Arabia and the Gulf States. The group has a significant presence in the air-conditioning, food processing, plastic, steel fabrication, stained glass and travel service industries. It has affiliations with a number of international organizations, which have led to an involvement in numerous other areas including industrial investment, petrochemicals, paint, fencing systems, packaging and power co-generation.

Yousef Saleh Abalkhail, Chairman of the Board of Managers of Guardian RAK complemented the banks for their strong support to the project and informed that construction started at Guardian RAK in mid summer of 2006 and was now forty percent complete with expected ribbon pull in late summer of 2007.