USD 800,000,000 senior secured term loan facility (the "Term Loan Facility"), SAR 3,969,612,800 advance payment guarantee facility (the "APG Facility" and together with the Term Loan Facility, the "Project Facilities") for Saudi Oger Ltd. in relation to the King Abdullah Project 2.
Saudi Oger Ltd is pleased to announce that it has completed the formation of a senior arranging group of banks for the landmark USD 800,000,000 senior secured term loan facility (the "Term Loan Facility"), SAR 3,969,612,800 advance payment guarantee facility (the "APG Facility" and together with the Term Loan Facility, the "Project Facilities") for Saudi Oger Ltd in relation to the King Abdullah Project 2 ("KAP2").
The Project Facilities were entered into by Deutsche Bank AG (acting through its London and Riyadh branches), China Development Bank and Emirates Bank NBD (PJSC), each acting as an Initial Mandated Lead Arranger and Book runner for both the Term Loan Facility and the APG Facility.
Also joining the Project Facilities are Industrial and Commercial Bank of China acting as Mandated Lead Arranger for the Term Loan Facility and NATIXIS Dubai Branch acting as Mandated Lead Arranger for the Project Facilities.
Al Hilal Bank and Barclays Capital have also acceded to the transaction as Lead Arrangers for the APG Facility.
A general syndication phase targeting existing and new relationship banks will launch shortly.
The Project Facilities entered into in May 2011, were raised to partially finance the King Abdullah Project 2 ("KAP2") which was commissioned by the Ministry of Interior of the Kingdom of Saudi Arabia.
The Project Facilities are the first to be led exclusively by non-Saudi domiciled institutions as part of an ongoing strategy by Saudi Oger Ltd to diversify and broaden its financing base for its core infrastructure construction and contracting business.
Mr. Mohammed Hariri, Senior Vice President of Saudi Oger said; "We are extremely pleased with the successful completion of the formation of the senior arranging group of banks. The group of Arrangers represents institutions from Europe, the Middle East and China which are all regions of strategic importance to Saudi Oger Ltd. We are very delighted and particularly gratified to the large participation of China Development Bank and Industrial and Commercial Bank of China who once again confirm their undoubted support to Saudi Oger Ltd. We are also very pleased with the support of Deutsche Bank, Emirates NBD Bank, Natixis, Al-Hilal Bank and Barclays Capital in this transaction. This is a "Landmark" transaction for Saudi Oger Ltd. and we are very happy to see that the senior arranging group of banks consists not just of existing relationship banks but also banks supporting our endeavours for the very first time therefore underscoring the great interest in the exciting project which is KAP2. We also note the support of these institutions during a period of prolonged market volatility.
The King Abdullah Project 2 is of the highest priority for Saudi Oger Ltd, as part of our long history of executing the infrastructure plans of the Kingdom of Saudi Arabia. We look forward to other institutions joining us in the transaction during the syndication process."
-Ends-
About Saudi Oger Limited
Saudi Oger, established in 1978 as a construction company in Riyadh, gained growth momentum with the founding of Oger International in Paris in 1979. Since its inception, Saudi Oger has become one of the leading Constructions, Facilities Management Service Provider and Infrastructure Project Development companies in The Kingdom of Saudi Arabia and the region. In relatively short period of time Saudi Oger Ltd has grown into a multi-company, multi-divisional organization with subsidiaries and affiliates in the Kingdom of Saudi Arabia; UAE; Jordan; China; USA; Paris; & Morocco. Saudi Oger has undertaken several prestigious and complex projects that utilize advanced engineering and construction technologies. Saudi Oger line of business covers Construction, Facilities Management, Real Estate Development, Printing, Telecommunication, Utilities and IT services. Saudi Oger works to meet the highest standards in client satisfaction through services that matches international standards. News and information are available on www.saudioger.com
For more information contact
Mazen Fayed
Director of Corporate Communication
Tel: +966 1 4773115 Ext. 1385
Fax: +966 1 4773115 Ext. 1051
Email: mfayed@saudioger.com
© Press Release 2011
