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- Dubai 04:27 05:45 12:20 15:47 18:49 20:07
A $1.5 billion nine-year loan for Dubai's Emirates National Oil Company (Enoc) is being marketed to banks after receiving commitments from seven lenders to fully back the financing. (Supplied)
Emirates National Oil Company (Enoc) has secured a $1.5 billion term debt syndicated facility from local, regional and international banks. The nine year US dollar and UAE dirham financing was fully underwritten by Emirates NBD, Commercial Bank of Dubai, Dubai Islamic Bank, Mashreq Bank, Noor Bank, Abu Dhabi Islamic Bank and Standard Chartered Bank.
In the syndicated market, the deal was well supported and oversubscribed where an additional 14 local and regional banks participated in the transaction.
The long-term unsecured general corporate facility is arranged at competitive and flexible terms to support Enoc’s expansion strategy and safeguard access to long term sustainable funding.
" We are committed to continuing our contribution to UAE’s and Dubai’s economic development. We are exploring opportunities for growth while we capitalise on existing expertise to meet market challenges and emerge stronger and resilient," said Saif Al Falasi, Group Chief Executive Officer of Enoc.
"We are very pleased with this financing arrangement as it is a testament to the banking sector’s confidence in Enoc’s business model and its cash flow generation abilities," said Petri Pentti, Chief Financial Officer of Enoc.
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