Saudi Oger inks $1.03bn loan refinancing deal
Riyadh, February 2, 2013
Saudi Oger, one of the leading construction companies in the Kingdom, has signed a $1.03 billion syndicated loan, which will be used to replace debt related to the construction group's investment in Arab Bank shares, the lead arrangers said in a statement.
It is one of the leading construction, facilities management service provider and Infrastructure Project Development companies in the Kingdom of Saudi Arabia and the Middle East region.
The four-year underwritten loan was arranged by Deutsche Bank, Emirates NBD and Qatar National Bank as initial mandated lead arrangers and bookrunners.
Al Khaliji Commercial Bank and Blom Bank were mandated lead arrangers, while Bank Audi and Gulf Bank were lead arrangers for the transaction.
Banque Libano-Francaise, Commercial Bank International, Maybank, and Riyad Bank were arrangers on the transaction.
Saudi Oger vice chairman and director Mohammed Hariri said, “This is a landmark transaction for our company, supported by leading international and regional banks. We thank our lead banks in structuring and syndicating this transaction successfully, and thank all the banks that participated in this transaction."
"Arab Bank is one of our largest holdings that we believe will continue to grow and add value to our group," he noted.
Ashok Aram, the CEO of Mena region, Deutsche Bank said: "We are pleased to continue our successful partnership with the Saudi Oger Group and help arrange this transaction. The success of this transaction reflects the solid reputation enjoyed by the Saudi Oger Group amongst the financial community."
This transaction, he said, also underlines Deutsche Bank's commitment to work with the leading corporations in the Mena region and in helping them to successfully achieve their objectives.”
In his comments, Mohammad Kamran Wajid, the CEO of Emirates Financial Services and Emirates NBD Capital said this transaction underpins the solid reputation and strong banking relationships enjoyed by Saudi Oger in the market and was very well received.
"We are pleased with the huge success achieved on this transaction and remain committed to working closely with Saudi Oger on their future funding initiatives as well. This transaction also supports Emirates NBD Group's business diversification drive to explore and develop viable business partnerships and opportunities in the region and beyond," he added.
Saudi Oger tapped the international loan market in August 2011 for a $2 billion-equivalent, dual-currency loan arranged by Deutsche Bank, China Development Bank and Emirates NBD. That loan backed the construction of police training facilities in Saudi Arabia.-Reuters and TradeArabia News Service