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23 April 2024

Dubai's NPS signs Dh734m financing

HSBC, Emirates NBD and Al Hilal Bank participated in the deal.

By Reuters

Dubai-based oilfield services firm National Petroleum Services (NPS) has secured a $200 million (Dh734m) refinancing deal from a group of banks and financial institutions, Arab Petroleum Investments Corp. (Apicorp), one of the participants, said on Sunday.

Apicorp said in a statement that HSBC, Emirates NBD and Abu Dhabi's Al Hilal Bank were also participating in the deal which includes a $150 million (Dh550.5m) fixed rate Islamic facility and $50 million (Dh183.5m) to be used by the company for working capital.

The interest rate and lifespan of the facilities were not disclosed in the statement, although NPS CEO Adnan Ghabris was quoted as saying in the statement that the cash would help fuel NPS' growth over the next five years.

The statement added the refinancing "offers the company better terms and will positively impact the company's bottom line".

Apicorp was part of a consortium of Gulf-based investors that also included Fajr Capital which last year agreed to acquire NPS in a deal valued "in excess of $500 million".