Global legal practice Norton Rose Fulbright has advised HSBC Middle East Limited, Mashreqbank PSC and Arab Banking Corporation (B.S.C.) as joint initial mandated lead arrangers of the US$340 million term and revolving facilities provided by a syndicate of eight banks to Bahrain Steel B.S.C (c) E.C. (Bahrain Steel). Bahrain Steel is a member of the Foulath group and operates two pelletising plants in Hidd, Bahrain providing the basic feed for the regional and international steel manufacturers.
The deal closed oversubscribed and in addition to the joint mandated lead arrangers the lending syndicate comprised Al Khalij Commercial Bank, BNP Paribas, Doha Bank, Qatar National Bank and the State Bank of India. Bahrain Steel will utilise the proceeds of the facilities to refinance its existing facilities, fund its expansion plans and towards general corporate purposes.
Matthew Escritt, banking partner at Norton Rose Fulbright in Dubai commented: "We are pleased to have been involved in what is one of the most significant debt finance transactions in Bahrain in 2014 and to have been able to support Bahrain Steel and its lenders in achieving a successful closing of the transaction despite the challenges faced by the industry in an environment of falling commodity prices and slowing global consumption."
The Norton Rose Fulbright team was led by Dubai partner Matthew Escritt, assisted by senior associate Martin Botik (Dubai).
Hassan Radhi and Associates advised the lenders in relation to the Bahrain law aspect. Bahrain Steel was advised by Sherman & Sterling LLP and the law firm of Haya Rashed al Khalifa.
For further information please contact:
Amelia Snare, Senior Business Development Manager, Middle East and Africa
amelia.snare@nortonrosefulbright.com
+971 4 369 6300
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Nicola Zimbler | Business Development Executive - Middle East and Africa
Norton Rose Fulbright (Middle East) LLP
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nicola.zimbler@nortonrosefulbright.com
© Press Release 2015
