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Gulf Petrochem targets 'global growth' following $150m financing deal

31 Jul 2017 09:28 GMT

Eight-year term loan provided by a syndicate of banks led by Emirates NBD.



Gulf Petrochem Group (GP) has confirmed that it has raised $150 million from a group of local and international financial institutions based in the Middle East.

The UAE-headquartered firm said the eight-year term loan was provided by a syndicate of banks led by Emirates NBD and including Al Ahli Bank of Kuwait, United Arab Bank, Bank of China, ICICI Bank and Mashreq Bank, amongst others.

According to GP, the loan was "competitively priced" with a spread over the London Interbank Offered Rate (LIBOR). IL&FS acted as financial advisor.

GP said the the financing will be used to support its activities around the world.

Commenting on the news, GP's Group Director, Prerit Goel, noted: "Amidst current market conditions it is a testament to our operations and business plans that we were able to raise this amount of capital. The banks involved have all expressed their admiration of our robust growth plans. As a group, we are determined to stay the course and to deliver on our long-term strategic ambitions."

"Following the closure of this raise, we are currently studying to tap the capital markets with a strong focus on the Islamic finance and Sukuk market in Asia particularly, Malaysia and Indonesia."

Salah Mohammed Amin, Executive Vice President, Corporate Banking, Emirates NBD, remarked: "The positive response for this facility confirms the interest in key sectors in the UAE and the trust endorsed to Gulf Petrochem Group's strong financial position despite the difficult market conditions. Since the beginning of the year, we have arranged a number of syndicated loan transactions. This transaction further cements our footprint in the local market."

Sreehari Iyer, GP's Group CFO, said: "This competitive new source of funding will help us to achieve our global growth ambitions and showcases the financial trust in our business during these uncertain economic times."

Image: Prerit Goel, Group Director at Gulf Petrochem.




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