Middle East Loans
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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.
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Oman is finalising a $1bn sovereign loan and could sign as early as tomorrow (Thursday), according to a banker on the deal.
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Kuwaiti petrochemicals firm Equate has signed $6bn of loans, with a range of lenders from different regions joining the five underwriting banks.
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Kuwaiti logistics firm Agility Public Warehousing Company is arranging its first loan since 2008, according to bankers.
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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.
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Aegean Oil Terminal Corp, a Greek oil rig construction firm, has signed a $120m loan with four Gulf banks.
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Aditya Birla Group company UltraTech Cement has wound up a $365m dual-tranche refinancing with five lenders in the syndicate.
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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.
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Banks are arranging a loan of around $3bn for Oman Oil Refineries and Petroleum Industries Company (Orpic) to build the $4.5bn petrochemicals complex called Liwa Plastics Industries.
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As Middle Eastern banks are priced out of deals in their own region by international lenders with lower funding costs, they need to find more deals further afield in Africa and Asia to make decent returns.
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Egypt’s Banque du Caire has cancelled plans to raise a loan for as much as $250m, but may consider signing a loan in 2016 instead.
