Abu Dhabi Ports (AD Ports) Group, the exclusive developer and regulator of ports and related infrastructure in UAE, has signed a General Corporate Facility agreement with a syndicate of 13 regional and international banks.
The multi-currency facility, equivalent to around $2 billion, includes three tranches amounting to $655 million, $620 million, and $7,79,564 with a tenure of up to 2.5 years.
The demand for the facility was overwhelming, with commitments of $7.4 billion in total from the participating banks. The funding requirement was therefore 3.7x oversubscribed, demonstrating the confidence that the banking sector has in AD Ports Group’s financial health and prospects.
In addition to strong demand for this new syndicate facility, AD Ports Group managed to improve pricing compared with the $1 billion RCF that the Group had secured in 2021. AD Ports Group is A+ credit rated by both Fitch and S&P Global, which reaffirmed their ratings post-listing and most recent announcements of acquisitions.
“The success in raising the $2 billion facility reflects our profitable and enduring business as well as underscoring AD Ports Group’s strong financial position and the confidence that the banking sector has in our organization’s robust long-term financial performance. This recent announcement also goes further to reinforce our ambitious strategic development plans and the UAE’s wise leadership’s vision for economic diversification.”
First Abu Dhabi Bank and Citibank were the coordinators and book runners, while Mizuho Bank and Abu Dhabi Commercial Bank were the additional book runners. Société Générale and Emirates NBD Capital Limited acted as Mandated Lead Arrangers.
Standard Chartered Bank, HSBC Bank Middle East, BNP Paribas, Crédit Agricole Corporate and Investment Bank, and Bank of China were Lead Arrangers while Sumitomo Mitsui Banking Corporation and Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch acted as Arrangers. The Facility Agent for the agreement is Abu Dhabi Commercial Bank (ADCB).