Oasis Leasing signs $500m facility with 8 banks

The fully revolving facility will have a tenor of three years.

The banks that have committed funds for this facility are the Abu Dhabi Commercial Bank (ADCB), Emirates Bank International (EBI), First Gulf Bank (FGB), National Bank of Abu Dhabi (NBAD), Gulf International Bank (GIB), HSBC, National Bank of Dubai (NBD) and The Saudi British Bank (SABB). National Bank of Abu Dhabi is acting as the Facility Agent.

HE Hussein Al Nowais, Chairman of Oasis Leasing, and senior officials from the eight banks signed the agreement at a ceremony held in Abu Dhabi.

Al Nowais said: "We are extremely happy and proud that renowned and leading local, regional and international banks have endorsed our vision for growth and diversification providing us with this fully revolving facility. This is a testimony of their confidence in the strategy and plan that Oasis is currently finalizing as part of its business restructuring."

The facility will provide Oasis with the bridge finance required to acquire assets on a fast track basis to help achieve its aggressive growth plans. "Oasis is in a very strong financial position and we will use this facility as an additional source to acquire new assets in various business sectors. Our business plans are aimed at capitalizing on potential opportunities that will bring more value to the company's shareholders and the national economy," Al Nowais said.

Oasis Leasing announced a restructuring plan early this year, which was approved at the annual general meeting in May. As part of the restructuring, Oasis Leasing will become "Waha Capital" under which four subsidiaries will be established: 'Waha Leasing', 'Waha Land', 'Waha Maritime' and 'Waha Financial Investments'.