Al Dur Power & Water Company announces successful closure of a refinancing facility provided by a syndicate of 20 banks
Bahrain-based Al Dur Power & Water Company has announced the successful closure of a $1.3 billion refinancing facility provided by a syndicate of 20 banks.
The largest power generation and water desalination company in Bahrain said the refinancing facilities extend up to 14 years and include $450 million of conventional facilities and $850 million of Islamic facilities.
The new financing replaces the one originally provided in 2009, which amounted to $1.6 billion, it added.
Al Dur accounts for one-third of the country's power and water production with a combined capacity of 1,234 MW of power and 48 MIGD of water.
Shafic Ali, chairman of Al Dur, said: “We have substantial participation from Bahrain-based banks and from banks in Saudi Arabia. We also have seven international banks from diverse geographies, ranging from Canada to Europe and Japan, and a total of 14 banks from our original lenders have participated in the current refinancing underscoring their continued confidence and commitment to Al Dur and the kingdom.”
“This was a challenging transaction implemented in a volatile market environment,” added Cedric Girod, head of Acquisitions, Investments and Financial Advisory at ENGIE Middle East, South & Central Asia and Turkey.
“This success demonstrates the strong support of Bahrain, Saudi and regional and international banks for a strategic asset of the Bahrain economy and for its lead sponsors ENGIE and Gulf Investment Corporation.”
Banks participating in the transaction included Ahli United Bank, Al Rajhi Bank, Arab Bank, Bank ABC, ABC Islamic Bank, Arab National Bank, Arab Petroleum Investments Corporation (APICORP), Banque Saudi Fransi, BNP Paribas, Crédit Agricole CIB, Export Development Canada, Gulf International Bank, KFW IPEX-Bank, Kuwait Finance House (Bahrain), Mashreq, MUFG, Riyad Bank, National Bank of Kuwait - Bahrain Branch, Societe Generale, Standard Chartered Bank and The Saudi National Commercial Bank.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.