Petroleum Africa
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Monday, March 23, 2015
Release
Significant appetite amongst lenders reflects APICORP’s strong credit worthiness
The Arab Petroleum Investments Corporation (APICORP), an investment company established in 1975 by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), is pleased to announce it has successfully secured new financing through a Shariah compliant syndication totaling USD 950 million.
Appetite among lenders to provide financing was significant given APIRCORP’s strong balance sheet, track record, unique shareholder structure and overall credit worthiness. The facility will be used to grow APICORP’s portfolio of equity investments in regional energy projects.
The deal featured two tranches: the first, worth SAR 3 billion (USD 800 million) and maturing in five years, was arranged by SABB, National Commercial Bank, Samba Financial Group, Riyad Bank and Banque Saudi Fransi. The second tranche was for USD 150 million, matures in three years, and was arranged by First Gulf Bank, HSBC Middle East and National Bank of Abu Dhabi. The transactions officially completed in early 2015.
The successful transaction has recently been recognised by Islamic Finance News (IFN), receiving the publication’s prestigious Syndicated Deal of The Year Award. The award was based on peer nomination and expert independent industry analysis.
Commenting, DrRaed Al Rayes, Deputy CEO of APICORP, said: “As an Aa3 rated business, lender appetite for this deal was substantial, which is a clear sign of the confidence in APICORP’s overall credit worthiness.This financing leaves us in firm control of our liquidity and equipped to continue delivering against our mandate to foster the development of the Arab world’s energy sector through secure equity and debt finance.”
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