Dubai PR Network, Online Press Release from Dubai and Middle East
 
Oil & Gas(Energy and Industry)
Filter PR by
  
Gulf Petrochem Group Closes US$150m Financing Deal
 
  • Financing provided by GCC based banks with syndication led by Emirates NBD
  • The raise will support the group’s global operations to realise growth plans
  • The Group plans to tap the Islamic Finance and Sukuk markets in Asia with focus on Indonesia and Malaysia for future potential funding
Dubai, UAE, August 1, 2017:  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.”

Posted by : Dubai PR Network Editorial Team
Viewed 9553 times
PR Category : Energy and Industry
Posted on : Tuesday, August 1, 2017  12:30:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : ADNOC Distribution Announces New Retail Price of Unsubsidise...
Next Story : Petrofac Strengthens Iraq Presence With Contracts Worth US$1...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
SOUQ.com to Launch Half a Million Deals for White Friday 2017 [20167-Views]
Give the Gift of Beautiful Hair with SHOW Beauty [16671-Views]
PLAY FOR PEACE, Spread Good Vibes this Christmas [16622-Views]
Roja Parfums ELYSIUM - Now available at Paris Gallery in UAE [16244-Views]
Runway Dubai Wrapped up an inspiring star studded event with iconic designer, Walid Atalla... [14695-Views]
FOREO: Futuristic Gifting Ideas [13420-Views]
Six pairs of Emirati siblings marched together at Skyline's 27th Graduation Ceremony [13396-Views]
Infinix Launches Zero 5 in Dubai in Partnership with Souq.com [10943-Views]
Santa Claus is coming to town on a festive Graham Chronofighter Vintage Nose Art Ltd [10303-Views]
Stylish automatics from CITIZEN made for the special occasion [9955-Views]
Alpha Assured Assistance (AAA) Loyalty Program to ramp up loyalty landscape in the UAE [8186-Views]
Tub Of Butter Celebrates First Birthday with 1 Dhs Coffee [8156-Views]
SOUQ ramps up operations ahead of White Friday Sale [8150-Views]
SAINT HONORE Celebrates the UAE's 46th National Day with a Limited Edition Haussman Quartz [7845-Views]
Experience the best of Korean beauty with Missha [7710-Views]
Make Room for Play and Celebration With IKEA During Dubai Design Week [7454-Views]
Dubai RAK Diabetes Center launches Dhs 1 Diabetes screening for residents [6862-Views]
50 Years of Puma Suede: PUMA Brings It for the Culture With the B-boy Pack [6399-Views]
Dubai Shines as Global Industry Descends on Vod Dubai International Jewellery Show [5813-Views]
Godiva Arabia opens its 17th branch in the UAE [5606-Views]
Premium Beverages Maker Hielo Beverages India Forays into Dubai(UAE) [5594-Views]
H.H. Sheikh Hamdan bin Zayed Al Nahyan Tours the Barakah Nuclear Energy Plant [5228-Views]
Chattels & More returns to Downtown Design showcasing limited edition pieces while KARE ma... [5191-Views]
Dubai Sports Council Championship for Football Academies set for a “bigger and better” sea... [5142-Views]
Toyota goes Xtreme with Land Cruiser, FJ Cruiser and Fortuner [5142-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories