Syndicate of UAE lenders boost BGN’s loan to USD 232.5 mn: Our friends at Mashreq, along with Abu Dhabi Exports Office (ADEX), First Abu Dhabi Bank, and seven other UAE lenders more than doubled their finance facility provided to global energy trader BGN to USD 232.5 mn, Wam reports.

An Islamic + conventional facility: The oversubscribed facility, which was initially valued at USD 100 mn with a USD 120 mn target, will include a Murabaha tranche to incorporate both Islamic and conventional financing.

Who’s in? Our friends at Mashreq acted as a facility agent on the transaction, along with Abu Dhabi Commercial Bank (ADCB), National Bank of Fujairah, the Commercial Bank of Dubai, the Arab Bank, the National Bank of Ras Al Khaimah, Emirates NBD Bank, and Ajman Bank.

Where will the funds go? The loan will be used in growing BGN’s global reach across several commodity classes, ADCB’s Group Chief Business Officer Abdulla Al Shamsi said. “We are committed to strengthening financial partnerships in the GCC to empower our global business expansion and trading growth,” BGN’s CEO Rüya Bayegan said.

REMEMBER- BGN previously secured a separate USD 235.5 mn shariah-compliant facility from a UAE banking syndicate led by Abu Dhabi Islamic Bank (ADIB). This financing, the second tranche of a larger USD 370 mn syndicated loan, supported ABGC — a joint venture between Al Seer Marine and BGN International — in financing three very large gas carriers (VLGCs) in South Korea and Japan.

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