| 18 Aug 2010 |
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US$ 185 Million Credit Facility For Gmmos Group Successfully Syndicated
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Deutsche Bank AG London Branch (DB) and Standard Chartered Bank (SCB), along with Abu Dhabi Commercial BankAbu Dhabi Commercial Bank
(ADCBADCB), DBS Bank Ltd (DBS), Mubadala GE Capital PJSC (MGE) and Al Khalij Commercial Bank (Al Khaliji) Q.S.C., have successfully arranged a USD$ 185 million Credit Facility for Abraaj CapitalAbraaj Capital- and Waha Capital-backed Gulf Marine Maintenance and Offshore Service Company (GMMOSGMMOS), a leading United Arab Emirates-based provider of marine services to the offshore oil & gas industry.The proceeds of the US$ 185 million term loan facility refinance existing debt and will fund the Group's growth in the offshore supply vessel (OSV) sector, with a current focus on the GCC and South East Asia, and future expansion potential in West and North Africa. SCB and DB were mandated as bookrunners and IMLAs for this transaction, and had fully prefunded the deal in early May. ADCBADCB, DBS and MGE then joined the deal as MLAs. Al Khaliji joined as a Lead Arranger. The Facility has a tenor of five years with an average life of 3.3 years.
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About GMMOS GroupGMMOS Group:
GMMOS GroupGMMOS Group is comprised of four well-established business divisions centered on two main activities: Marine and Engineering. In Marine, GMMOSGMMOS activities include Stanford Marine, a prominent Offshore Supply Vessel (OSV) charter operator in the Gulf and South East Asia, with expansion plans in India and Africa, and Grandweld, the leader in shipbuilding and ship repair in the Gulf focusing on the OSV segment. The company's Engineering activities include GMMOSGMMOS Fabrication, an oil and gas specialized steel fabricator of pressure vessels and skid modules with operations in the UAE and Kazakhstan; and Gallagher, one of the largest mobile fleet operators in the UAE with a presence in the Dubai and Abu Dhabi markets. For additional information, please visit www.gmmosgroup.com is 51 per cent owned by a Fund managed by Dubai-based Abraaj CapitalAbraaj Capital.
About Abraaj CapitalAbraaj Capital
: Abraaj CapitalAbraaj Capital
is the biggest private equity group in the Middle East, North Africa and South Asia (MENASA). Since inception in 2002, it has raised close to US$ 7 billion and distributed almost US$ 3 billion to its investors. Headquartered in Dubai, the AbraajAbraaj Group operates eight offices in the region including in Istanbul, Cairo and Riyadh. Funds managed by the AbraajAbraaj Group or its predecessor entities have made 36 investments in 11 countries and achieved more than 20 exits. More than 75 world-class investment professionals work for Abraaj CapitalAbraaj Capital, which manages seven Funds; four buyout Funds; Riyada Enterprise Development Fund, a Fund dedicated to small and medium enterprises; ASAS, an income-generating, sale-and-leaseback Fund; and a real estate Fund. Funds under management at the end of 2009 were US$ 6.6 billion. Funds managed by the AbraajAbraaj Group have holdings in about two dozen companies in the region including Air Arabia, the region's biggest low-cost carrier; Acibadem Healthcare Group, Turkey's largest privately owned hospital operator; and Al Borg Laboratories, the Middle East's biggest privately owned medical-testing laboratory company. Abraaj CapitalAbraaj Capital has won many regional and international awards, including five consecutive years as 'Middle Eastern Private Equity Firm of the Year' from London-based Private Equity International. Abraaj CapitalAbraaj Capital Ltd., a member of the AbraajAbraaj Group, is licensed by the Dubai Financial Services Authority. The group is also an associate member of the European Venture Capital Association. About Waha Capital:
Waha Capital PJSC is Abu Dhabi-based and Abu Dhabi Securities Exchange-listed diversified investments holding company, which was created by restructuring Oasis International Leasing Company PJSC in February 2008. Waha Capital has adopted a clear vision and strategy to drive multi-sector business growth and diversification through acquisitions, joint ventures and creation of new business. Its current business portfolio includes big-ticket leasing, financial services, maritime and property development. Waha Capital's main institutional shareholders are Mubadala Development Company and Abu Dhabi Investment Company. In pursuing its vision and strategy as a diversified investment holding company, Waha Capital aims to be a world-class organization that will take the lead in implementing best practices and governance, and to position itself as a partner of choice in the UAE and Middle East for regional and global businesses. For more information please visit www.wahacapital.ae
For further information, please contact:
Neil Corbasson,
Group Vice President-Business Development
GMMOS GroupGMMOS Group
Tel: +971 4 880 3637
Email: neil@gmmos.com
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