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Tristar Group, a subsidiary of Kuwait’s Agility Global PLC, one of the largest Gulf logistics companies, has signed a $770 million credit facility with a group of regional and international banks to refinance its existing debt.
Tristar said it is also planning to add a Shariah-compliant tranche of $30 million to the facility.
The facility carries a five-year tenor and includes two extension options. Tristar has the flexibility to increase the size of the facility by an additional $50 million within three months of signing.
Proceeds from the financing will be used primarily to refinance existing facilities, as well as for general corporate purposes.
(Writing by Brinda Darasha; editing by Seban Scaria)
