A syndicate of 13 regional and international banks has provided a General Corporate Facility agreement to AD Ports Group, amounting to approximately $2B across three tranches with a tenure of up to 2.5 years.
The funding requirement was significantly oversubscribed, with total commitments of $7.4B from participating banks, highlighting the confidence in AD Ports Group’s financial standing.
Additionally, the pricing for the facility was improved compared to the Group’s previous RCF of $1B secured in 2021. AD Ports Group has an A+ credit rating from Fitch and S&P Global, which was reaffirmed after recent acquisitions and listings.
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, “The success in raising the $2B 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 organisation’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.