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DUBAI, Might 12 (Reuters) – Bahrain’s Oil and Gasoline Holding Firm (nogaholding) has refinanced an current $1.6 billion mortgage, rising its dimension to $2.2 billion, it stated in an announcement.
The twin-tranche mortgage, which can mature in September 2026, is the corporate’s first sustainability-linked mortgage and was twice oversubscribed, nogaholding stated. It includes an Islamic and a standard tranche.
Gulf Worldwide Financial institution (GIB) and Mashreq had been mandated lead arrangers, bookrunners and sustainability coordinators for the deal. Al Ahli Financial institution of Kuwait’s Dubai department joined them as a 3rd joint coordinator.
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Reuters reported in February that nogaholding employed GIB and Mashreq to refinance the mortgage. learn extra
Nogaholding stated the mortgage set a benchmark as the most important sustainability-linked mortgage in Bahrain and the area’s historical past, with 22 banks taking part.
“The refinanced facility will enable nogaholding to cowl its CAPEX program for 2022 geared toward rising scale and diversification of its oil and fuel property and attaining targets that align with the United Nations Sustainable Improvement Objectives (SDGs) included within the Bahrain Financial Imaginative and prescient 2030,” nogaholding CEO Mark Thomas stated.
Nogaholding stated the deal attracted “sturdy participation” from native banks in addition to lenders in Saudi Arabia, the United Arab Emirates, Kuwait and South Asia.
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Reporting by Yousef Saba. Enhancing by Jane Merriman
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