Banks arrange major refinancing Term Facility for Saudi Oger
- Saudi Arabia: Saturday, February 02 - 2013 at 11:40
- PRESS RELEASE
Deutsche Bank AG, Emirates NBD and Qatar National Bank Group (the Initial Mandated Lead Arrangers and Bookrunners) announced that they have signed a $1,030,000,000 underwritten four-year term facility to Saudi Oger Ltd.
The purpose of the Facility is to refinance Saudi Oger's indebtedness related to the group's investment in Arab Bank shares.
Saudi Oger is one of the leading Construction, Facilities Management Service Provider and Infrastructure Project Development companies in the Kingdom of Saudi Arabia and the Middle East region.
Mohammed Hariri, Saudi Oger Vice Chairman and Director, said, "This is a landmark transaction for our company, supported by leading international and regional banks. We thank our lead banks in structuring and syndicating this transaction successfully, and thank all the banks that participated in this transaction. Arab Bank is one of our largest holdings that we believe will continue to grow and add value to our group."
Ashok Aram, CEO Middle East & North Africa Region, Deutsche Bank said, "We are pleased to continue our successful partnership with the Saudi Oger Group and help arrange this transaction. The success of this transaction reflects the solid reputation enjoyed by the Saudi Oger Group amongst the financial community. This transaction also underlines Deutsche Bank's commitment to work with the leading corporations in the MENA region and in helping them to successfully achieve their objectives."
Mohammad Kamran Wajid, CEO Emirates Financial Services PSC and Emirates NBD Capital Limited said, "This transaction underpins the solid reputation and strong banking relationships enjoyed by Saudi Oger in the market and was very well received. We are pleased with the huge success achieved on this transaction and remain committed to working closely with Saudi Oger on their future funding initiatives as well. This transaction also supports Emirates NBD Group's business diversification drive to explore and develop viable business partnerships and opportunities in the region and beyond."
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