“The multi-currency facility, equivalent to around $2bn, includes three tranches amounting to €600m, $620m, and AED2.86bn with a tenure of up to 2.5 years,” it said.
Strong demand saw commitments of $7.4bn in total from the participating banks, demonstrating the confidence the banking sector has in AD Ports Group’s financial health and future prospects, it said.
“In addition to strong demand for this new syndicate facility, AD Ports Group managed to improve pricing compared with the $1billion revolving credit facility the Group had secured in 2021,” it said.
AD Ports Group is A+ credit-rated by both Fitch and S&P Global, which reaffirmed their ratings ahead of the listing and recent acquisitions.
First Abu Dhabi Bank and Citibank were the coordinators and bookrunners, while Mizuho Bank and Abu Dhabi Commercial Bank were the additional bookrunners. Société Générale and Emirates NBD Capital acted as mandated lead arrangers.
Lead arrangers were Standard Chartered Bank, HSBC Bank Middle East, BNP Paribas, Crédit Agricole Corporate and Investment Bank and Bank of China, while Sumitomo Mitsui Banking Corporation and Industrial and Commercial Bank of China, Dubai (DIFC) Branch, acted as arrangers. The facility agent for the agreement was Abu Dhabi Commercial Bank.
“The success in raising the $2bn 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,” Capt. Mohamed Al Shamisi, Managing Director and Group CEO, AD Ports Group, said.
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