{"id":81172,"date":"2024-09-23T00:00:00","date_gmt":"2024-09-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/23\/ad-ports-refinances-usd-2-25-bn-loan-to-benefit-from-lower-interest-rates\/"},"modified":"2024-09-23T00:00:00","modified_gmt":"2024-09-23T00:00:00","slug":"ad-ports-refinances-usd-2-25-bn-loan-to-benefit-from-lower-interest-rates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/23\/ad-ports-refinances-usd-2-25-bn-loan-to-benefit-from-lower-interest-rates\/","title":{"rendered":"AD Ports refinances USD 2.25 bn loan to benefit from lower interest rates"},"content":{"rendered":"

AD Ports Group inked agreements with two UAE banks to refinance its USD <\/strong>2.25 <\/strong>bn syndicated loan<\/strong>, according to an ADX disclosure (pdf)<\/a>. The new terms are expected to shave off up to USD 12 mn (AED 44 mn) in finance costs over the next year. <\/p>\n

The agreement swaps out the USD 2.25 bn loan for two new facilities:<\/strong> a USD 2.5 bn (AED 9.2 bn) medium-term bond with a 2.5-year maturity, as well as a USD 273 mn (AED 1.0 bn) short-term bond with a 1.5-year tenor.<\/span><\/p>\n

Background: <\/strong>The company had secured<\/a> the multi-currency facility last year, with an initial tenor of up to 2.5 years. First Abu Dhabi Bank and Citigroup were the coordinators and bookrunners on the facility, which saw participation from 13 banks. <\/p>\n

The move comes as Fed kicked off its interest rate easing cycle last Wednesday: <\/strong>The Central Bank of the UAE followed in the US Federal Reserve\u2019s footsteps last week<\/a> and cut the overnight deposit rate by 50 basis points, from 5.40% to 4.90%, while leaving the interest rate applicable to borrowing short-term liquidity at 50 basis points above the base rate. The move to refinance the debt allows AD Ports to \u201coptimally take advantage of the easing interest rates cycle\u201d and secure longer tenors at more competitive rates, the company said. <\/p>\n

The group aims to use bonds as its \u201cpredominant long-term funding vehicle,\u201d<\/strong> capitalizing on their flexibility to strategically time returns to the debt capital markets, the disclosure reads. <\/p>\n

The firm has a good credit rep: <\/strong>AD Ports is rated A+ and gcAAA by S&P,<\/a> and AA- with a stable outlook<\/a> by Fitch.<\/p>\n

MORE FROM AD PORTS-<\/p>\n

AD Ports discusses potential investments with Pakistan:<\/strong> A delegation from AD Ports discussed potential investments with Pakistan\u2019s Deputy Prime Minister Ishaq Dar, particularly in the aviation sector, as the country looks to secure investments from Gulf countries to strengthen the country\u2019s economy, Arab News<\/a> reports. Pakistan has been struggling with a payments crisis, weak currency and low foreign reserves. <\/p>\n

ICYMI:<\/strong> The UAE earmarked in May USD 10 bn<\/a> for investments in Pakistan. AD Ports inked a 25-year concession agreement<\/a> for a USD 175 mn bulk and general cargo terminal at Karachi Port in Pakistan with Karachi Port Trust (KPT) in February. Pakistan also gave approval to a framework agreement in July 2023<\/a> to hand over the development, management, and operation of a second terminal at Karachi Port to the UAE.<\/p>\n","protected":false},"excerpt":{"rendered":"

The move comes after the Central Bank of the UAE cut the overnight deposit rate by 50 basis 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