Abu Dhabi Islamic arranges $360m facility for Gulf Marine

Abu Dhabi Islamic Bank (ADIB) has financed a $360m facility for Gulf Marine. (File photo: Reuters)

Abu Dhabi Islamic Bank (ADIB) has closed a 1.32 billion dirhams ($360 million) syndicated Islamic facility for one of the largest operator’s and owner of jack-up barges in the region, it said on Sunday.

The deal will help meet the financing needs of Abu Dhabi-based Gulf Marine Services (GMS) including refinancing and finance for the acquisition of two additional vessels, ADIB said in a statement.

In May, Reuters reported ADIB was arranging the facility and was close to signing the deal.

The transaction saw strong demand from local and regional banks, the statement said.

Abu Dhabi Commercial Bank and First Gulf Bank acted as mandated lead arrangers, Mashreq Bank as lead arranger while Al Hilal Bank, AjmanBan, GE Mubadala, Noor Islamic Bank, Qatar Islamic Bank and United Arab Bank acted as arrangers for the deal.

GMS is owned 79 percent by Abu Dhabi-based private equity firm Gulf Capital.

Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40