Drake & Scull inks $120m loan deal

Dubai, November 14, 2012

Drake & Scull International (DSI), a regional leader in integrated design, engineering and construction, has signed a $120 million loan deal to help pursue its growth plans in North Africa, Asia and other growth markets.

The five-year term loan financing will be split across an Dirham and US dollar tranche, said the Dubai-based company. Goldman Sachs International acted as the co-ordinator for the transaction, it added.

Emirates NBD Bank, First Gulf Bank and HSBC Bank Middle East joined as co-bookrunners and mandated lead arrangers, while Mashreq bank acted as a lead arranger.

The loan will help the company pursue its growth plans in North Africa, Asia and other growth markets, said a top official.

"It will also provide the liquidity to capitalize on various PPP (Private Public Partnership) projects which usually require participation from contractors in terms of investment, especially in the infrastructure sector," remarked Osama Hamdan.

"This transaction will allow us to strategically grow the operations, coverage and team of DSI by supporting key new areas of business such as our Oil & Gas, Rail and Asian operations. We will also focus on existing areas that continue to grow in importance globally such as Infrastructure and Water and Power,” he added.-TradeArabia News Service

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