Abu Dhabi Ports raises $1 billion loan, sources say

 

FILE PHOTO: Containers are seen in the Khalifa Port of Abu Dhabi after it was expanded on December 11, 2019 in Abu Dhabi, United Arab Emirates. REUTERS / Satish Kumar / File Photo

DUBAI (Reuters) - Abu Dhabi Ports, the owner and operator of 11 ports and terminals in the United Arab Emirates and Guinea, has taken out a $ 1 billion loan with a group of banks, two sources said.

Nine banks provided the facility, with Citi and First Abu Dhabi Bank playing a leading role in the transaction, the first source said on condition of anonymity.

The source added that HSBC and Standard Chartered were also involved in the loan for the company, which is owned by the state-owned holding company ADQ in Abu Dhabi.

Abu Dhabi Ports, FAB, HSBC and Standard Chartered did not immediately respond to Reuters' requests for comment. Citi declined to comment.

Gulf issuers have taken on debt and sought to take advantage of low interest rates as the region emerges from an economic downturn caused by the COVID-19 pandemic and the drop in oil prices last year.

Abu Dhabi Ports is also likely to issue bonds soon, the second said. Fitch Ratings and S & P Global Ratings awarded the company an A + rating on Thursday.

ADQ, whose Global Tracker Global SWF reported a value of $ 110 billion last month, gained momentum over the past year as Abu Dhabi consolidated several state assets under its banner.

Another ADQ subsidiary, utility company TAQA, raised $ 1.5 billion in a bond deal last week. Food and beverage company Agthia, also owned by ADQ, mainly used bank debt to fund three-quarters of Ismailia's acquisition of Egyptian agricultural and industrial investments.

Reporting by Yousef Saba; Editing by Edmund Blair


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https://businessservicesnews.ca/2021/04/25/abu-dhabi-ports-raises-1-billion-loan-sources-say/

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