Abu Dhabi's AD Ports signs $2 bln syndicated bank facility

CTF Services

04/04/2023 09:08

DUBAI, April 4 (Reuters) - Abu Dhabi-listed AD Ports
Group  ADPORTS.AD  has signed a $2 billion financing agreement
with a syndicate of 13 banks, it said in a bourse statement on
Tuesday.
    The multi-currency general corporate facility agreement
consists of three tranches of $620 million, 600 million euros 
($655.32 million) and 2.86 billion dirhams ($778.87 million),
all equivalent to about $2 billion, and for a period of up to
two-and-a-half years, the company said.
    "The success in raising the $2 billion facility reflects...
the confidence that the banking sector has in our organisation's
robust long-term financial performance," said Mohamed Juma Al
Shamisi, group CEO and managing director.
    AD Ports Group is part of Abu Dhabi investment and holding
company ADQ, which is chaired by Sheikh Tahnoun bin Zayed Al
Nahyan, brother of the UAE president, who oversees a vast
business empire.
    Also the UAE's national security adviser, Sheikh Tahnoun was
recently appointed joint deputy ruler of Abu Dhabi and chair of
Abu Dhabi Investment Authority, one of the biggest sovereign
wealth funds in the world.
    First Abu Dhabi Bank  FAB.AD  and Citibank  C.N  were
co-ordinators and bookrunners on the AD Ports facility, and
Mizuho Bank and Abu Dhabi Commercial Bank  ADCB.AD  were
additional bookrunners.
    Societe Generale  SOGN.PA  and Emirates NBD Capital
 ENBD.DU  acted as lead arrangers.


($1 = 0.9156 euros)
($1 = 3.6720 UAE dirham)

 (Reporting by Rachna Uppal; Editing by Subhranshu Sahu)
 ((rachna.uppal@thomsonreuters.com;))