ABU DHABI, 20th March, 2017 (WAM) -- Senaat, one of the largest industrial investment holding companies in the UAE, has announced that it has successfully entered into an agreement with 11 financial institutions to receive a revolving credit facility of US$400 million.
The facility, split between 3-year and 5-year tranches, will be utilised in lieu of the existing $750 million Revolving Credit Facility, which was placed in 2013, and to support the financing of Senaat’s general corporate requirements.
BNP Paribas and National Bank of Abu Dhabi acted as joint coordinators on the financing, which was obtained at pricing that is below the levels achieved in 2013. The transaction forms the core bank-relationship facility for Senaat. The trust placed in Senaat by these institutions is a reflection of the strength of the company during these challenging economic times.
Despite a positive response and a substantial oversubscription, Senaat has opted to keep the facility size at the same level given the strength of its current liquidity position.
Jamal S. Al Dhaheri, Senaat’s CEO, said, "In these economic times for the industrial sector the oversubscription represents a real vote of confidence in Senaat and our corporate strategy. The support we have received from both our local and international institutional partners is a result of the close relationships we have developed over the last years, and reflects the trust that our financial partners place in the Senaat group performance and future plans." "The diverse nature of our portfolio companies has enabled us to maintain our performance levels, demonstrating the solid and robust nature of the business," he added.
The banking syndicate includes a mix of local and international institutions, a reflection of international institutional interest in Senaat and the UAE’s industrial sector. Participating financial partners include BNP Paribas, National Bank of Abu Dhabi, The Bank of Tokyo-Mitsubishi UFJ, Citigroup, HSBC, JP Morgan, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Societe Generale, Standard Chartered and Union National Bank.
Senaat is one of the UAE’s largest industrial holding companies, managing more than $7.3 billion (AED26.8 billion) of industrial assets, for the Government of Abu Dhabi. Senaat is mandated to create, optimise, promote and champion investments in Abu Dhabi’s industrial sector. It is a key contributor to Abu Dhabi’s Economic Vision 2030 which aims to diversify the emirate’s economy away from its reliance on the hydrocarbon sector by developing a strong industrial capability.
© Copyright Emirates News Agency (WAM) 2017.