Mumtalakat arranges $250m revolving credit
Manama, September 1, 2013
Bahrain Mumtalakat Holding, the investment arm of the kingdom, has announced an agreement for a $250 million revolving credit facility with a group of local and regional banks.
The banks include National Bank of Bahrain (NBB), as mandated lead arranger and facility agent; Gulf International Bank (GIB), as mandated lead arranger and structuring bank; along with co-arrangers BBK, Arab Bank and Mashreq Bank.
Mahmood Al Kooheji, CEO of Mumtalakat said: “We are very pleased with this transaction which is a testament to Mumtalakat’s financial strength and demonstrates Mumtalakat’s close relationship with both local and regional banks.”
“We appreciate the on-going support from our lender banks, in particular, NBB, GIB, BBK, Arab Bank and Mashreq Bank, with whom we have extensive relationships across many of our portfolio of companies.”
Proceeds from the revolving credit facility have been utilised to repay the remaining balance of an existing $500 million syndicated facility which matured at the end of August. Over the past two years, Mumtalakat has proactively refinanced and repaid half of this existing syndicated facility, which was originally secured in 2008.
“The new revolving credit facility is part of Mumtalakat’s overall financing and funding strategy, which utilizes a balanced mix of local, regional and international banks, as well as key pools of liquidity in global capital markets. Mumtalakat prudently manages its debt levels and is committed to maintaining its strong credit profile,” Al Kooheji added. – TradeArabia News Service