Middle East Loans

BankDhofar of Oman has followed the recent rush of Middle Eastern banks to the loan market for funding and signed a $250m three year club loan with six banks.

Saudi Electricity Company (SEC) has completed a Sr7.75bn ($2bn) package of loans by signing a $1.4bn three year revolving credit facility in London this week.

Lenders are piling into a $4bn project loan for Oman's Liwa Plastics Industries, lured in by a juicy margin of around 250bp, according to a banker involved in the deal.

Middle Eastern loans burst open in the fourth quarter of 2015, with deals aplenty for corporates, banks and sovereigns. The deal flow will not ebb this year, but pricing will rise and international lenders will play a bigger role, replacing local lenders. Elly Whittaker reports.

A $275m five year loan for US-based private equity firms General Atlantic and Warburg Pincus received “massive oversubscription” from a small group of Middle Eastern banks hungry for yield as their cost of funding rises, according to a banker on the deal.

Oman is finalising a $1bn sovereign loan and could sign as early as tomorrow (Thursday), according to a banker on the deal.

Kuwaiti petrochemicals firm Equate has signed $6bn of loans, with a range of lenders from different regions joining the five underwriting banks.

Kuwaiti logistics firm Agility Public Warehousing Company is arranging its first loan since 2008, according to bankers.

Kuwait’s Burgan Bank is wrapping up a year of busy financing activity from Middle Eastern banks. It completed a $350m loan on Wednesday, increased from $300m.

Aegean Oil Terminal Corp, a Greek oil rig construction firm, has signed a $120m loan with four Gulf banks.

Aditya Birla Group company UltraTech Cement has wound up a $365m dual-tranche refinancing with five lenders in the syndicate.

Emirates Global Aluminium (EGA) is wrapping up syndication for a $4.9bn seven year loan facility and will close the deal before the end of the year, according to a banker with knowledge of the deal.