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Dubai, United Arab Emirates: Ezdan Holding Group Q.S.C. (“Ezdan” or the “Company”), the largest private sector real estate developer in Qatar, has successfully closed an 8 year USD 460 million senior secured syndicated facility. Mashreq bank psc UAE, a leading financial institution, was the sole coordinator of the facility. The facility was significantly over-subscribed at 1.53 times and had participation from 10 regional, Asian and international financial institutions.
Ezdan is a listed company in Qatar with a market cap of circa QAR 41bn and a split rating of BBB- by S&P and Ba1 by Moody’s with stable outlook.
Mashreq Al Islami, along with Dubai Islamic Bank and HSBC Bank Middle East acted as Initial Mandated Lead Arrangers & Book runners for the facility.
Other banks that participated in the financing included Emirates NBD and Union National Bank as Mandated Lead Arrangers, Ahli United Bank– Al Hilal Islamic Banking Services and National Bank of Ras Al Khaimah as Lead Arrangers and BBK B.S.C, ICBC Doha and United Bank Limited as Arrangers.
On the back of two successful syndications aggregating to US$ 1 Billion and a successful benchmark Sukuk issuance for USD 500 million completed in May 2016, Ezdan once again has successfully raised an 8 year USD 460 million syndicated facility. The proceeds of the facility are aimed at refinancing other maturing obligations and concurrently extend the maturity of Ezdan’s liability profile. Ezdan continues to progressively de-leverage its balance sheet, and align it to the strong cash generating portfolio of real-estate assets.
H.E. Sheikh Dr. Khalid bin Thani Bin Abdullah Al-Thani, Chairman of Ezdan Holding Group said, “The recent achievements of the Group demonstrate the confidence we have gained from the international and regional investors in our ambitious vision and in our strategy to maximize the Group's investment portfolio, profitability, and to achieve diversification into various economic sectors in order to achieve sustained positive returns. This is reflective of our significant experience that extends more than 55 years, during which we crossed several stages of growth and development that required us to respond to market changes and the requirements of each phase.”
H.E. concluded, "We have carefully selected various investment opportunities based on a rigorous study of the market and thorough analysis to determine market requirements now and in the future. This has contributed to the Group achieving quantum leaps in profits over the past five years, translating into an outstanding credit rating and an overwhelming interest from investors to finance our investment plans.”
Ali Al Obaidli, Group CEO of Ezdan Holding Group, commented “Ezdan has once again successfully secured a 100% Shari’ah compliant structured debt instrument as part of the Group’s on-going strategic plan to diversify its sources of funding and optimize its balance sheet profile. The highly successful facility demonstrates the confidence which regional and international banks place in the Group. We would like to show our gratitude to Mashreqbank psc UAE and our other participating partner banks for the successful closure of this deal.”
Jan Willem Sudmann, Group Head of International Banking Group, at Mashreq stated, “The successful closure of this transaction is the natural evolution for Ezdan to more structured facilities with longer tenor complementing its capital structure and the ability to tap the Sukuk market.”
Sudmann added, “This facility once again called for a bank with tried and tested structuring and distribution capabilities, which Mashreq has successfully demonstrated yet again. Mashreq, in conjunction with its other key regional partner banks, has been instrumental in successfully closing a 100% Shari’ah Compliant structured facility of this magnitude for Ezdan. Qatar has always been an essential strategic market for Mashreq and we remain committed to working alongside our core relationship clients such as Ezdan, to continuously explore innovative products to support their capital requirements.”
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About Mashreq
Mashreq is the oldest bank in the UAE with an extensive branch network across the Emirates. Mashreq is also present in 12 countries outside UAE with 21 overseas branches and offices spread across Europe, USA, Asia and Africa providing a comprehensive range of international financial services. Established in 1967, Mashreq has established itself as a market leader by delivering award-winning customer experiences and innovative thinking across its financial products and services. Mashreq’s various banking divisions cater to its own unique specialisms and expertise and include: Corporate Banking, Retail Banking, International Banking, and Innovative Treasury Services. The bank also allows for customers to experience Sharia’h Compliant financial banking solutions. As a leading financial institution, Mashreq is committed to supporting every community it serves. In the UAE, the bank pays particular attention to recruiting, training, and developing UAE National employees. Mashreq is the only financial institution in the UAE to have been awarded the CSR Label by Dubai Chamber for five years in a row.
For media enquiries, please contact:
Huda Ismail Nssrin Khalil
Public Relations, Mashreq Public Relations, Mashreq
Tel: 04 –6083629 Tel: 04 – 6083836
Email: HudaI@mashreq.com Email: NssrinK@mashreq.com
© Press Release 2016
