The facility will be used to finance current operations, refinance selective debt and fund expansion plans.
Mr David Koay, Head of Client Relationships, Standard Chartered, spoke on behalf of the entire syndicate at the recent signing ceremony held at the Dubai Convention Centre.
"We would like to extend our sincere congratulations to IGPL & FAL Oil on the successful syndication of this transaction. The realisation of this transaction is yet another demonstration of the continued strong confidence in management and further growth ambitions," said Koay.
The facility was originally offered in the syndication market as a $300 million facility. Strong market demand resulted in the transaction being significantly oversubscribed and the facility was increased to $405 million.
Mr Majid Al Sari, the Managing Director for the FAL Oil, also thanked the entire syndicate for its support in making the transaction a success. He went on to state that the Group has posted robust results over the previous three years and was currently in growth mode, and welcomed the new relationships that have developed on the back of this highly successful transaction.
The 26 bank syndicate was formed from a diversified mix of local, regional and international lending institutions. These were: First Gulf Bank, Mashreqbank psc, National Bank of Abu Dhabi, National Bank of Dubai, Standard Chartered and WestLB AG London Branch as Orginal Mandated Lead Arrangers & Underwriters;
ADCB, CIMB Bank Berhad, London Branch, HSBC Bank Middle East Ltd and KfW IPEX-Bank as Mandated Lead Arrangers; Banque Du Caire, Dubai, Barclays Bank PLC, Dubai, Doha Bank, Rabobank International and Union National Bank as Arrangers; Ahli United Bank B.S.C., British Arab Commercial Bank Ltd, Commercial Bank International PSC, Malayan Banking Berhad and Mega International Commercial Bank Co., Ltd., Offshore Branch Banking as Co-Arrangers; Bank Dhofar S.A.O.G., BankMuscat International B.S.C.(c), First Commercial Bank Ltd., London Branch, FORTIS, Offshore Banking Branch, Hua Nan Commercial Bank, Ltd., Offshore Banking Branch, Lloyds TSB Bank plc., Dubai as Lead Managers. Bookrunners for this deal were National Bank of Dubai, Standard Chartered and Westlb.
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USD 405 million syndicated loan arranged for FAL Oil Company Ltd & Investment Group Ltd
- United Arab Emirates: Tuesday, April 10 - 2007 at 12:04
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First Gulf Bank, Mashreqbank psc, National Bank of Abu Dhabi, National Bank of Dubai, Standard Chartered and WestLB AG London Branch have completed the syndication of a USD 405 Million Term Loan Facility for Investment Group Ltd. ('IGPL') and FAL Oil Company Ltd. ('FAL Oil').
Majid Al Sari, Managing Director, FAL Oil Company Ltd. with Standard Chartered officials during the signing ceremony.
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Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, April 10 - 2007 at 12:04 UAE local time (GMT+4)
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This article was updated on Sun May 27 2007.
Notes and Media Contacts »
About IGPL
IGPL, operating out of Sharjah (UAE), is a well diversified business with interests mainly in oil and oil products trading, manufacturing, real estate and investments. The Group was founded in the early 80's and since its inception has grown into one of the largest business houses in UAE.
About FAL Oil
FAL Oil is a 100% owned subsidiary of IGPL. Headquartered in Sharjah, FAL Group is a dominant player in the oil trading and bunkering in the UAE, operating a fleet of 24 bunker tankers in the lower Arabian Gulf and Gulf of Oman. FAL also actively trades in bulk oil cargo as well as related oil products, specifically fuel oil, marine diesel oil, gas oil, naphtha, jet kerosene & related products. It has established sales offices in UK and Norway and appointed sales agents in Tokyo, New York, Singapore and other major trading centres.
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.
Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.
As one of the world's most international banks, Standard Chartered employs almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at the heart of the Bank's values and supports the Bank's growth as the world increasingly becomes one market.
With strong organic growth supported by strategic alliances and acquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emerging trade corridors of Asia, Africa and the Middle East.
Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award-winning solutions.
Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensure that the Bank builds a sustainable business through social inclusion, environmental protection and good governance.
Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.
For more information on Standard Chartered, please log on to www.standardchartered.com
For further information please contact:
Niall McLoughlin
Regional Head of Corporate Affairs, Standard Chartered Bank
Tel: +971 (0) 4 5070467
Fax: +971 (0) 4 3594174
Mobile: +971 (0) 50 6251329
IGPL, operating out of Sharjah (UAE), is a well diversified business with interests mainly in oil and oil products trading, manufacturing, real estate and investments. The Group was founded in the early 80's and since its inception has grown into one of the largest business houses in UAE.
About FAL Oil
FAL Oil is a 100% owned subsidiary of IGPL. Headquartered in Sharjah, FAL Group is a dominant player in the oil trading and bunkering in the UAE, operating a fleet of 24 bunker tankers in the lower Arabian Gulf and Gulf of Oman. FAL also actively trades in bulk oil cargo as well as related oil products, specifically fuel oil, marine diesel oil, gas oil, naphtha, jet kerosene & related products. It has established sales offices in UK and Norway and appointed sales agents in Tokyo, New York, Singapore and other major trading centres.
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.
Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.
As one of the world's most international banks, Standard Chartered employs almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at the heart of the Bank's values and supports the Bank's growth as the world increasingly becomes one market.
With strong organic growth supported by strategic alliances and acquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emerging trade corridors of Asia, Africa and the Middle East.
Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award-winning solutions.
Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensure that the Bank builds a sustainable business through social inclusion, environmental protection and good governance.
Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.
For more information on Standard Chartered, please log on to www.standardchartered.com
For further information please contact:
Niall McLoughlin
Regional Head of Corporate Affairs, Standard Chartered Bank
Tel: +971 (0) 4 5070467
Fax: +971 (0) 4 3594174
Mobile: +971 (0) 50 6251329
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