Emirates Bank wraps up USD 400,000,000 syndicated term loan facility

Nine local, regional and international banks participated in this syndication the primary purpose of which was refinancing of existing debt.

Al Jaber Group is one of the largest diversified groups of companies in the UAE, established in 1970, with significant construction, logistics, manufacturing and trading capabilities. It specializes in EPC contracting, road construction & earth works, construction of residential and commercial complexes, transportation, heavy lifting, and shipping.
Rick Pudner, Chief Executive Officer, Emirates Bank stated, 'We are very pleased with the success of this landmark transaction. We are eager to continue supporting our clients in Abu Dhabi. The success of this issue clearly reflects the standing of this borrower '.

Emirates Bank was the Mandated Lead Arranger, Underwriter and Bookrunner for the transaction. Participating Banks were Abu Dhabi Commercial Bank and Lloyds Bank plc as Mandated Lead Arrangers and Sub-underwriters, BBK, First Gulf Bank, Mashreq Bank psc and National Bank of Dubai pjsc as Lead Arrangers and International Bank of Qatar (Q.S.C) and Sumitomo Mitsui Banking Corporation Europe Limited as Arrangers.

Mohamed Obaid Al Jaber, Group Financial Director of Al Jaber Group said, 'The agreement represents the successful completion of one of the largest syndications in the private sector. The support from the banks will strengthen our ability to meet the ever-increasing expansion of our activities as a result of the confidence placed in us by our clients over the years.'

The group manufactures aluminum extrusions and composite panels, steel rebar coating, traffic signs, trailers, steel structures, iron castings, filters and concrete. The group activities cater to all sectors including the oil and gas, and the group is a market leader in most of the areas in which it operates.

Abdul Wahid Al Fahim, General Manager - Corporate Banking, Emirates Bank stated, 'This is a prestigious transaction for us particularly as this is our initiation to the debt syndication market in Abu Dhabi. Going forward, we expect Emirates Bank to be a significant player in the domestic syndication market. This deal reinforces Emirates Bank's position at the top end of the corporate credit market in terms of deal size and quality'.

'We are very pleased to be mandated for this financing' said Rajan Khetarpal, Senior Manager and Head, Structured Finance and Syndications, Emirates Bank. 'We are strategically positioning Emirates Bank to lead manage numerous syndications and widen the scope of offering to corporate clientele. The successful closure of this syndication is a manifestation of our enhanced capabilities in this rapidly emerging area of corporate finance'.

According to Khalid Al Zarooni, Head of Corporate Banking Unit, Abu Dhabi, 'Emirates Bank is amongst the main relationship banks of Al Jaber Group and is proud to be associated with its initiatives driven by their vision. We are honored to have been chosen by the Group to lead manage this transaction'.