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Halal Business

Bahrain’s Al Dur secures $1.3 billion from a syndicate of banks

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The new financing replaces the one originally provided in 2009, which amounted to $1.6 billion.

Sunday 27, January 2019 BY KUDAKWASHE MUZORIWA

Bahrain’s Al Dur Power & Water Company said that it has secured $1.3 billion refinancing facility provided by a syndicate of 20 local, regional and international banks. 

In a statement, Al Dur stated that the refinancing facilities extend up to 14 years and include $450 million of conventional facilities and $850 million of Islamic facilities.

Shafic Ali, the Chairman of Al Dur, said that the transaction had substantial participation from Bahrain-based, Saudi Arabia-based as well as seven international banks from diverse geographies, ranging from Canada to Europe and Japan.

Some of the banks that participated in the transaction include Ahli United Bank, Al Rajhi Bank as well as Arab Bank, Bank ABC, Banque Saudi Fransi and APICORP among others.

BNP Paribas, Crédit Agricole as well as Export Development Canada, KFW IPEX-Bank and Société Générale are among the international lenders who participated in the financing.

Al Dur accounts for one-third of the Kingdom’s power and water production with a combined capacity of 1,234 MW of power and 48 MIGD of water.

 

TAGS : Al Dur, Crédit Agricol, BNP Paribas, Export Development Canada, Société Générale, AUB, KFH, Al Rajhi Bank

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