Kuwait-based Agility Public Warehousing Company, the largest logistics firm in the Middle East, is refinancing and increasing its credit facilities with lenders from $1.4 billion up to $3.2 billion.

The purpose of more than doubling the facilities with existing and new local, regional and international banks is to finance growth plans, including the acquisition of UK-based rival John Menzies, the logistics giant said in a bourse filing on the Dubai Financial Market (DFM) on Monday.

As part of the refinance and increase, the company said it has just closed a new facility of $700 million and expects to close further facilities in the coming weeks.

The facilities are set to mature in three, five and six years.

The company had posted a 1% year-on-year increase in net profit to KD12.8 million ($41.7 million) for the first quarter of 2022.

In March this year, the company reached an agreement with John Menzies to acquire the airport handler for around $750 million. The deal is expected to close next month.

(Reporting by Cleofe Maceda; editing by Seban Scaria)