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GCC lenders join hands for Pacific Controls deal

DOHA, May 23, 2015

Qatar-based Al Khalij Commercial Bank (al khaliji) said it has joined hands with National Bank of Fujairah (NBF) for a landmark structured finance deal for Pacific Controls, a pioneer of  IoT (Internet of Things) and a global player in the international ICT (Information and Communication Technology) field.

Announcing the successful closing of the landmark transaction, al khaliji said the bank's role in this transaction stems from  its belief in Pacific Controls’ potential as not only a solid corporate client with an impressive track record and international growth prospects, but also, as a partner with whom the bank shares strong beliefs and vision.  

Pacific Controls is one of the “50 Most Promising IoT Technology companies” according to CIO review magazine, driving innovation in tech and forward-thinking sustainable solutions; areas in which al khaliji is heavily investing in as it takes its next generation banking position to the next level.

Partnering with the NBF, al khaliji acts as underwriter and mandated lead arranger on a highly successful syndicated term finance facility of Dh750 million ($204 million) for Pacific Controls.

Owing to a highly effective sell down and syndication strategy, for which NBF Capital – NBF’s fully-owned subsidiary – acted as bookrunners whereas al khaliji and NBF were the underwriters - the deal received an oversubscription of 33 per cent, amounting to Dh1 billion ($272 million) in total commitments from the mandated lead arrangers and a syndicate of banks including Al Khaliji France, Dubai Islamic Bank, United Arab Bank, Ajman Bank, Sharjah Islamic Bank and National Bank of Oman.

This syndication, combination of conventional and Islamic financing, is the second to be successfully closed for Pacific Controls over the past three years, said a top official.

"We have repeatedly proven our ability to integrate our operations, expertise, offering diversity and sophisticated solutions to serve both our clients seamlessly and efficiently," remarked Fahad  Al Khalifa, al khaliji Group CEO.

"As we continue to actively map out and identify opportunities in Qatar and the GCC loan and syndication market, we are confident that this transaction will be one of many major deals al khaliji will undertake," he added.-TradeArabia News Service




Tags: Qatar | Fujairah | GCC | Pacific Controls |

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