IHC’s maritime solutions subsidiary Al Seer Marine secured an AED 760 mn (USD 207 mn) facility from Abu Dhabi Commercial Bank (ADCB) to support its portfolio expansion, the company said in a statement (pdf). There’s no publicly available information about the details of the term sheet, but the company said the facility was extended on “highly competitive terms.”

Use of funds: The eight-year facility comes as part of the company’s push to grow its diversified fleet and support strategic investments, and is backed by first-priority mortgages on a select group of operating vessels.

The financing marks the second major transaction between the two firms. Earlier this year, ADCB provided an AED 210 mn (USD 57 mn) loan to ASBI Shipping, Al Seer Marine’s JV with B International Shipping & Logistics, to help fund the acquisition of small and midsize LPG tankers.

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