Sunday, Dec 17, 2006
DUBAI (Zawya Dow Jones)--U.A.E.-based Guardian Zoujaj International Float Glass Co., or Guardian RAK, said Sunday it has signed a seven-year $100-million loan facility to part-finance its 700 tons per day glass manufacturing unit in the emirate of Ras Al Khaimah.
The facility is divided into a term-loan of $75 million with the remaining $25 million structured as a revolving credit line.
BNP Paribas, U.A.E.'s Mashreqbank, Saudi Samba Financial Group and India's Bank of Baroda were the lead arrangers of the facility.
Guardian RAK was set up in February with an initial investment of $115 million in a joint venture between Saudi Guardian International Float Glass Co., Saudi National Company for Glass Industries, Saudi Al Zamil Group and U.S.-based Guardian Industries Corp.
Construction started at Guardian RAK in mid-summer and is now 40% complete. It is expected to be operational in the summer of 2007.
-By Mirna Sleiman, Dow Jones Newswires, 00971 42235676, mirna.sleiman@dowjones.com
Copyright (c) 2006 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
17-12-06 1213GMT
