Middle East Loans
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Abu Dhabi National Oil Co (Adnoc) is in talks with international and Middle Eastern banks about a syndicated loan of up to $5bn, which is understood to be very tightly priced. -
Qatari banks have been involved in several syndicated loans in the past month, despite the stand-off between the nation and six other Middle Eastern states.
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Aluminium Bahrain (Alba) has closed the first tranche of its $700m export credit agency (ECA) covered facility taken out in April to finance its Line 6 expansion project.
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Standard Bank is planning to launch a $750m syndicated loan, and hopes to drum up enough interest to enlarge it to $1.25bn.
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Etisalat has been given until Friday to transfer all its shares in Etisalat Nigeria to a syndicate of 13 Nigerian banks, after talks on restructuring a $1.2bn loan from 2013 fell through.
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Etisalat Nigeria is in the “advanced stage” of its negotiations with 13 local banks over the restructuring of a $1.2bn loan taken out in 2013, according to the company.
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Ramadan, the Islamic holy month of fasting which began on May 26, has caused delays to loan deals that were expected to close this week in the Middle East, according to bankers in the region.
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As concerns mount over the diplomatic stand-off between six Gulf states and Qatar, GlobalCapital investigated the immediate impact on the loan market in the region as well as its likely consequences and discovered a mixed picture.
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Bank ABC as sole initial mandated lead arranger has completed a $125m syndicated loan for Bahrain Commercial Facilities Company.
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Oman's plans for loan market financing this year are taking shape, with the sultanate lining up an 'orderly queue" of deals, according to a banker involved in several of them.
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Oman’s Bank Sohar has had to reduce the number of participants on its $250m syndicated loan after it was heavily oversubscribed, according to a banker on the deal.
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Oman Oil has mandated 12 banks to arrange a $1.2bn five year syndicated loan to refinance a $1bn tranche of a loan it took out in 2014, according to a banker on the deal.
