Saturday, Dec 19, 2015
Abu Dhabi: Gulf Marine Services (GMS), a leading provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, has announced it has secured a new $620 million (Dh2.2 billion) financing facility.
The syndicated financing combines Islamic and conventional facilities and will replace GMS’ existing funding facilities with no changes to the previous borrowing covenants. The facility has a term of six years and comprises a $375 million term facility, a $175 million committed capex facility and $70 million facility for general working capital purposes; a further $300 million uncommitted facility has also been agreed.
The banking group consisted of Abu Dhabi Islamic Bank as the Initial Mandated Lead Arranger, Global Coordinator and Sole Bookrunner of the deal, along with Abu Dhabi Commercial Bank as Initial Mandated Lead Arranger and Intercreditor Agent of the deal, National Bank of Abu Dhabi and HSBC Bank Middle East Limited as Mandate Lead Arrangers, and National Bank of Kuwait, ABC Islamic Bank and First Gulf Bank as Lead Arrangers. GMS was advised by Gibson, Dunn & Crutcher LLP, and White & Case LLP acted for the banking group.
Staff Report
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