| 12 Nov 2009 |
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Bank Audi, Mandated Lead Arranger and Bookrunner for a USD 340 Million Project Finance Facility to Lafarge Cement Syria
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Beirut, November 12, 2009: Bank Audi sal - Audi Saradar GroupBank Audi sal - Audi Saradar Group
announced that it closed a 7-year landmark USD 340 million project finance facility in favour of Lafarge Cement SyriaLafarge Cement Syria, for the partial funding of the first private greenfield cement plant in Syria, with a production capacity of 2.75 million tons per annum.Bank Audi sal - Audi Saradar GroupBank Audi sal - Audi Saradar Group, in addition to coordinating with the European Investment Bank, Société de Promotion et de Participation pour la Coopération Economique (PROPARCO) and the Danish export credit agency Eksport Kredit Fonden (EKF), led a syndicate of 16 regional banks that consisted of 6 Lebanese banks (Bank Audi sal - Audi Saradar GroupBank Audi sal - Audi Saradar Group, Banque Libano-Française sal, BBACBBAC sal, BLOM BankBLOM Bank sal, Byblos BankByblos Bank sal, IBL BankIBL Bank sal), 9 Syrian banks (Arab Bank Syria sa, Bank Al-SharqBank Al-Sharq sa, Bank AudiBank Audi Syria sa, Bank of Jordan - SyriaBank of Jordan - Syria, Bank of Syria and OverseasBank of Syria and Overseas sa, Banque Bemo Saudi-FransiBanque Bemo Saudi-Fransi sa, Byblos Bank SyriaByblos Bank Syria sa, Fransabank SyriaFransabank Syria sa, The International Bank for Trade and FinanceInternational Bank for Trade and Finance) and a Jordanian bank (The Housing Bank for Trade and FinanceThe Housing Bank for Trade and Finance).
Ramzi Saliba, General Manager - Corporate Banking at Bank AudiBank Audi sal, seized this opportunity to underline the complexity of this transaction: "Being the largest project financing for a private entity in the Levant region and having the involvement of multilateral and export credit agencies is certainly a clear indicator of Bank AudiBank Audi's ability to handle complex and challenging transactions, and of its growing role in the region." Saliba also emphasised the Bank's versatile ability to match the required financial standards of the number one cement producer in the world.
Commenting on the project, Bassel Hamwi, Deputy Chairman and General Manager of Bank AudiBank Audi Syria, said: "Today's milestone is yet another testimony of the capacity of the Syrian private sector to take an active part in the development of the country's economy at large, especially that the constantly evolving regulatory and business environment is facilitating the realisation of such projects and setting up a solid platform for further transactions of such complex nature to transpire in the near future."
Stressing on the syndication process, Mrs. Bassima Harb, Head of Syndication and Project Finance at Bank AudiBank Audi
sal, affirmed: "The achieved oversubscription represented by the significant funded commitments from prominent global financial institutions, as well as from major banks in Lebanon, Syria and Jordan, at such testing economic conditions, is by all means an overwhelming success and a sign of confidence in the Lafarge Group." -Ends-
About Bank AudiBank Audi sal - Audi SaradarAudi Saradar Group
Bank AudiBank Audi is a regional bank. Present in 10 countries through 9 banks, 1 investment company and 2 insurance companies, Bank AudiBank Audi offers a full range of Commercial and Corporate banking, Retail banking, Private banking and Investment banking products and services, in addition to Insurance activities. Besides its historic presence in Lebanon, France and Switzerland, the Bank has expanded its operations in the MENA region to Jordan, Syria, Egypt, Sudan, Saudi Arabia, Qatar and Abu Dhabi (through a representative office). At end-September 2009, consolidated assets reached USD 24.7 billion, principally driven by private customers' deposits totalling USD 21.3 billion, while shareholders' equity reached USD 2.1 billion at the same date. Based on all those criteria, Bank AudiBank Audi ranks among the top 25 Arab banking groups. Additional information is available on www.banqueaudi.com
About Bank AudiBank Audi
Syria saBank AudiBank Audi
Syria launched its operations in September 2005 with a capital of USD 50 million, the largest start-up capital in the Syrian-banking sector, and with one branch in Damascus. It now has a solid network of 21 branches offering a diversified portfolio of commercial and retail products.By end-September 2009, the Bank's total assets reached USD 1.56 billion, with USD 1.38 billion of customer deposits, while its shareholders' equity reached USD 128.81 million and its loan portfolio USD 517.44 million.
These achievements encouraged Management and shareholders to double the Bank's capital to USD 100 million.
In recognition of its accomplishments, Bank AudiBank Audi Syria was granted the "Best Bank" award in 2008 and 2009 by Global Finance, as "Best Emerging Market Bank in the Middle East".
Lafarge is the world leader in building materials, with top-ranking positions in all of its businesses: Cement, Aggregates & Concrete, and Gypsum. With 84,000 employees in 79 countries and 2200 production sites, Lafarge posted sales of € 19 billion and a net income of € 1.7 billion in 2008.
Lafarge has been committed to sustainable development for many years, pursuing a strategy that combines industrial know-how with performance, value creation, respect for employees and local cultures, environmental protection and the conservation of natural resources and energy. To make advances in building materials, Lafarge places the customer at the heart of its concerns. It offers the construction industry and the general public innovative solutions bringing greater safety, comfort and quality to their everyday surroundings. Additional information is available on www.lafarge.com
© Press Release 2009
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