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Abu Dhabi /Â WAM
Waha Capital has completed the refinancing of its credit facilities with 12 local, regional and international banks. The new and upsized financing is a 5-year US$ 500 million revolving credit facility. This replaces the previous US$ 375 million revolving credit facility secured in 2014.
The facility was positively received and achieved a significant oversubscription. It was sole coordinated by First Gulf Bank, Abu Dhabi Commercial Bank acting as Book Runners and Mandated Lead Arrangers, Commercial Bank of Dubai committing as Lead Arranger, and Emirates NBD Bank, Union National Bank, National Bank of Fujairah, Doha Bank, Nomura International, HSBC Bank Middle East Limited, Commercial Bank International, Malayan Banking Berhad (Maybank) and GarantiBank International committing as Arrangers.
Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital, said, “Waha Capital has secured excellent terms for our new long-term credit facility, signaling confidence in the company’s growth strategy among our long-term financial partners. Thanks to our prudent approach to financial management, the company is in a strong position to invest further to diversify our assets and income streams, including through our new asset management business.”
Steven Perry, Global Head of Debt Markets and Syndications at FGB, said, “This successful transaction is testament to the solid work FGB is doing to meet the financing needs of our customers, by providing world-class services as well as the right knowledge and expertise. Waha Capital has developed strong relationships with its banks over a number of years and we were privileged to have led this financing and secured the oversubscription, helping the company to continue positioning itself well for future growth and progress.”