16.06.2015, 14:19
Qatar Islamic Bank, participated in a Shari’a Compliant Syndicated Finance Facility for Stanford Asia Holding Company
OREANDA-NEWS. Qatar Islamic Bank, participated in a Shari’a Compliant Syndicated Finance Facility for Stanford Asia Holding Company (“Stanford”), a subsidiary of Stanford Marine Group (SMG). QIB contributed USD 50 million (AED 183.5 millions) out of the total facility of USD 325 millions.The senior secured facility is structured to comply with principles of Islamic Shari’a.
Noor Bank acted as the Initial Mandated Lead Arranger and Bookrunner whilst, Qatar Islamic Bank , Barwa Bank and First Gulf Bank acted as Mandated Lead Arrangers. Ajman Bank and United Arab Bank acted as Lead Arrangers to the transaction.
The facility will be used for general corporate purposes and to refinance existing facilities. The deal will support the Stanford Marine Group’s efforts to reduce its overall cost of finance and contribute to the group’s profitability and cash flow.
Commenting on the financing deal, QIB Assistant General Manager of the Wholesale Banking Group Mr. Saeed Al Khayareen said: “QIB’s participation in this key financing deal is part of our strategy that focuses on seizing investment opportunities available in the region. As Islamic banks, this syndication will foster cooperation between our institutions to strive to provide Islamic financing solutions to fulfill the needs of major companies in the Gulf, such as Stanford Marine. It is a testament to QIB’s role as a pioneer and one of the world’s leading Islamic banks in facilitating such landmark transactions.”
Stanford Marine, a prominent Offshore Supply Vessel (OSV) owner and operator in the Arabian Gulf, South East Asia, India and Africa, is part of Stanford Marine Group (SMG), which also owns Grandweld, the leader in shipbuilding and ship repair in the Arabian Gulf focusing on the OSV segment. SMG is 51% owned by a Fund managed by The Abraaj Group and 49% by Abu Dhabi-listed Waha Capital.
Noor Bank acted as the Initial Mandated Lead Arranger and Bookrunner whilst, Qatar Islamic Bank , Barwa Bank and First Gulf Bank acted as Mandated Lead Arrangers. Ajman Bank and United Arab Bank acted as Lead Arrangers to the transaction.
The facility will be used for general corporate purposes and to refinance existing facilities. The deal will support the Stanford Marine Group’s efforts to reduce its overall cost of finance and contribute to the group’s profitability and cash flow.
Commenting on the financing deal, QIB Assistant General Manager of the Wholesale Banking Group Mr. Saeed Al Khayareen said: “QIB’s participation in this key financing deal is part of our strategy that focuses on seizing investment opportunities available in the region. As Islamic banks, this syndication will foster cooperation between our institutions to strive to provide Islamic financing solutions to fulfill the needs of major companies in the Gulf, such as Stanford Marine. It is a testament to QIB’s role as a pioneer and one of the world’s leading Islamic banks in facilitating such landmark transactions.”
Stanford Marine, a prominent Offshore Supply Vessel (OSV) owner and operator in the Arabian Gulf, South East Asia, India and Africa, is part of Stanford Marine Group (SMG), which also owns Grandweld, the leader in shipbuilding and ship repair in the Arabian Gulf focusing on the OSV segment. SMG is 51% owned by a Fund managed by The Abraaj Group and 49% by Abu Dhabi-listed Waha Capital.
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