Abu Dhabi – Mubasher: Waha Capital on Wednesday announced that it completed the refinancing of its credit facilities with 12 local, regional and international banks.
"The new and upsized financing is a 5-year $500 million (AED 1.84 billion) revolving credit facility. This replaces the previous $375 million (AED 1.38 billion) revolving credit facility secured in 2014," the Abu Dhabi-listed investment company revealed.
It added in a bourse filing that the facility, solely coordinated by First Gulf Bank (FGB) "was positively received and achieved a significant oversubscription."
FGB and Abu Dhabi Commercial Bank (ADCB) acted as book runners and mandated lead arrangers for the loan, while the Commercial Bank of Dubai (CBD) was the lead arranger.
Emirates NBD Bank, Union National Bank (UNB), the National Bank of Fujairah (NBF), Doha Bank, Nomura International plc, HSBC Bank Middle East Limited, Commercial Bank International PLC, Malayan Banking Berhad (Maybank) and GarantiBank International N.V. acted as arrangers.
Commenting on the facility, Waha's CEO and managing director Salem Rashid Al Noaimi said that Waha had secured "excellent terms for our new long-term credit facility, signaling confidence in the company’s growth strategy among our long-term financial partners."
Owing to its approach to financial management, the investment company is in a strong position to invest further in order to diversify its assets and income streams, including through our new asset management business, he added.
Waha Capital recently reported a net profit of AED 305.9 million for the first half of 2016 and delivered a return on average equity of 7.4% for the same period.
Waha's stock ended Tuesday down 2% to AED 2.01 after 6.06 million shares were exchanged at a turnover of AED 12.19 million.
