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HSBC, Mizuho and Standard Chartered coordinated deal which drew 10 lenders
Deal comes 11 years after the company's previous loan and was extended by two banks
Saudi Arabia mining firm furths relationships with international banks following a $1bn sukuk in January
First Abu Dhabi joins the syndicate for the short term loan all but equalling the size of a previous revolving facility
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A number of the landmark loan restructurings in the Middle East, including those for Kuwait’s Investment Dar and Global Investment House, are edging towards progress, after many months of negotiations with lenders.
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Qatar Airways has signed two loans worth a total of $700m with international lenders to back the purchase of four 777 Boeing aircraft.
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Rusal, the Russian aluminium group, appears to have removed a major obstacle to its $17bn restructuring after repaying Alfa Bank, the only one of its lenders not to agree to a standstill earlier this year. Rusal repaid Alfa $85.9m last week.
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Loan traders remained upbeat this week about the state of the secondary market, with most confident that the foundations were in place for volumes to pick up. "The market’s a lot more balanced than it was a few weeks ago," said one banker in London. "We’ve moved from a bid-only market to one where there’s a bit more of a two-way trade.
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Angola’s state-owned oil group Sonangol signed banks into a $1.5bn facility on Monday after the deal was oversubscribed and increased from $1bn.
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South Africa’s Standard Bank is understood to be putting together a new club loan. The borrower is lining up a group of mandated lead arrangers.