Abu Dhabi Ports said to raise $1 billion loan
DUBAI: Abu Dhabi Ports, which owns and operates 11 ports and terminals in the United Arab Emirates and Guinea, has secured a $1 billion loan with a group of banks, two sources said.
Nine banks provided the facility, with Citi and First Abu
Dhabi Bank having lead roles in the transaction, the first source said on
condition of anonymity.
The source added that HSBC and Standard Chartered were also
involved in the loan for the company, which is owned by Abu Dhabi state holding
company ADQ.
Abu Dhabi Ports, FAB, HSBC and Standard Chartered did not
immediately respond to Reuters requests for comment. Citi declined to comment.
Issuers in the Gulf have been raising debt, seeking to
benefit from low rates as the region emerges from an economic downturn caused
by the COVID-19 pandemic and last year's oil price plunge.
Abu Dhabi Ports was also likely to issue bonds soon, the
second said. Fitch Ratings and S&P Global Ratings both assigned the company
an A+ credit rating on Thursday.
ADQ, which sovereign wealth fund tracker Global SWF said
last month was worth $110 billion, has gained prominence in the past year as
Abu Dhabi consolidated several government assets under its banner.
Another ADQ subsidiary, power utility TAQA, raised $1.5
billion in a bond deal last week. Food and beverages group Agthia, also owned
by ADQ, mainly used bank debt to finance its acquisition of three quarters of
Egypt's Ismailia Agricultural and Industrial Investment.
Comments
Post a Comment