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Dalma Energy closes $313.7m syndicated loan

ABU DHABI, January 25, 2015

Middle Eastern rig operator Dalma Energy has signed a $313.7 million syndicated loan to refinance existing debt, the bank which arranged the transaction said on Sunday.

The $300 million part of the overall facility, which has a seven year lifespan, was used to refinance existing debt. The remaining $13.7 million was used to re-issue guarantees from the firm, a statement from First Gulf Bank said.

FGB, the third-largest lender by assets in the United Arab Emirates, underwrote the deal and then led the process of selling it to other banks, the statement said without providing details on the additional lenders.

Dalma Energy is the third largest owner of land drilling rigs in the Middle East and North Africa (Mena) region, operating 31 land rigs, the statement said.-Reuters




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