UAE’s Emirates NBD Capital said it has coordinated $200 million syndicated loan facilities for South Korean construction heavyweight Daewoo E&C.

Emirates NBD Capital was the sole coordinator for dual tranche (conventional and Islamic) term financing transaction, which was upsized from initial $115 million due to “overwhelming response”, according to a press statement.

Daewoo E&C chose to exercise the green-shoe option to upsize the facilities to $200 million, the statement said.

“In 2020 despite the spread of COVID-19 pandemic, Daewoo E&C continued to have a stable operation of all business sectors to prove its resilience and strength, securing its sustainable future,” the statement said. 

The three-year amortising facilities will be utilised towards general corporate purposes.
The statement said the transaction represented an important milestone with a longer dated issuance, tight pricing and tapping Islamic liquidity available in the region.

Emirates NBD Capital also acted as the Documentation Agent on the transaction while Emirates NBD Bank was the Global Agent, Conventional Facility Agent and the Investment (Islamic) Agent in relation to the facilities.

In January 2021, Business Korea had reported that Daewoo E&C’s overseas order receipts in 2020 totalled 5,862.4 billion won ($5.2 billion), exceeding the annual goal of 5,069.6 billion won ($4.5 billion).

The order book also included the $2.6 billion deal with the Iraqi government signed In December 2020 to build the first phase of Iraq’s Faw port.

(1 US Dollar = 1,129.69 South Korean won)

(Writing by Anoop Menon; Editing by Seban Scaria)

(anoop.menon@refinitiv.com)

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