Gulf Oil and Gas accountACCOUNT

Gulf Petrochem Group Closes US$150m Financing Deal

Source: 7/31/2017, Location: Middle East

Share |
Gulf Petrochem Group (GP), has successfully raised US$ 150 million from a group of international and local financial institutions based in the GCC. In an environment of continued low global oil prices, the financing will be used to support the group's activities around the world. The borrowing will take the form of an 8 year term loan which was provided by a syndicate of banks lead by Emirates NBD. IL&FS acted as the Financial Advisor.

National Bank of Fujairah will be the security agent for the financing. The participating banks are Al Ahli Bank of Kuwait, United Arab Bank, Bank of China, ICICI Bank, Mashreq Bank amongst others. The loan was competetively priced with a spread over the London Interbank Offered Rate (LIBOR). Throughout the planning and syndication phases, GP worked closely with its stakeholders, IL&FS and the syndicate of banks.

A signing ceremony took place with high level representatives from the syndicate banks and GP's Group Managing Director Sudhir Goyel along with senior executives from GP in attendance.

Speaking about the deal, GP's Group Director, Prerit Goel said: "Amidst current market conditions it is a testament to our operations and business plans that we were able to raise this amount of capital. The banks involved have all expressed their admiration of our robust growth plans. As a group, we are determined to stay the course and to deliver on our long-term strategic ambitions." He went on to add, "Following the closure of this raise, we are currently studying to tap the capital markets with a strong focus on the Islamic finance and Sukuk market in Asia particularly, Malaysia and Indonesia.

Mr. Salah Mohammed Amin, Executive Vice President, Corporate Banking, Emirates NBD also added, "The positive response for this facility confirms the interest in key sectors in the UAE and the trust endorsed to Gulf Petrochem Group's strong financial position despite the difficult market conditions. Since the beginning of the year, we have arranged a number of syndicated loan transactions. This transaction further cements our footprint in the local market."

Sreehari Iyer, GP's Group CFO said: "The positive response we received from the banking community during our meetings was extremely welcoming. This competitive new source of funding will help us to achieve our global growth ambitions and showcases the financial trust in our business during these uncertain economic times."

Financials and Investment News in United Arab Emirates >>

Israel >>  3/22/2018 - Following the Company’s successful IPO on the London Stock Exchange, Energean takes FID to proceed with its $1.6 billion Karish & Tanin development of...
United States >>  3/22/2018 - Australis Oil & Gas Limited has received commitments from institutional and sophisticated investors for the placement of 115,280,000 new ordinary full...

Bermuda >>  3/16/2018 - Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (TGP), has declared cash distributions of $0.5625 per u...
Kazakhstan >>  3/16/2018 - Japan Oil, Gas and Metals National Corp (JOGMEC) has announced that it will provide equity financing to INPEX North Caspian Sea (INCS), a subsidiary o...

Kuwait >>  3/15/2018 - Kuwait Oil Tanker Company said has signed a 140 million dinar ($467 million) financing deal with three local banks for eight oil tankers, state news a...
Nigeria >>  3/15/2018 - Nigeria’s Guaranty Trust Bank and a subsidiary of Royal Dutch Shell have granted a $270 million loan to independent Nigerian oil and gas producer Amni...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |

More News


Oil & Gas Companies in United Arab Emirates >>

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.