AD Ports bags USD 2 bn syndicated facility from 13 regional + int’l banks

Abu Dhabi Ports secures USD 2 bn in financing: AD Ports is getting a multi-currency USD 2 bn syndicated facility from a group of regional and international banks, according to a press release. The facility’s three tranches include one worth AED 2.9 bn, another coming in at EUR 600 mn, and a third worth USD 620 mn — all with a tenor of 30 months. The facility was 3.7x oversubscribed, drawing some USD 7.4 bn in demand, according to the statement.

The details: AD Ports released no information on the pricing of the facility, but said it had managed to secure a more favorable rate than it did in 2021, when it issued USD 1 bn worth of bonds at an annual rate of 2.5%. The statement did not disclose where the funds will be directed.

The banks involved:First Abu Dhabi Bank and Citibank were co-ordinators and bookrunners for the transaction. Mizuho Bank and Abu Dhabi Commercial Bank were also bookrunners. Société Générale and Emirates NBD Capital were mandated lead arrangers, while HSBC Bank Middle East, Standard Chartered Bank, BNP Paribas, Crédit Agricole Corporate and Investment Bank, and Bank of China were lead arrangers. Sumitomo Mitsui Banking Corporation and Industrial and Commercial Bank of China acted as arrangers.