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StanChart arranges $125m loan for firm

By Reuters

Standard Chartered Bank said yesterday it had arranged a $125-million (Dh459m) loan facility for a Sharjah-based shipping firm, in a rare financing deal amid the credit crunch.

The facility, which will allow privately-held Lamnalco Group to acquire new vessels, was led by Standard Chartered along with Rabobank and ING Wholesale Banking.

"In these testing times, we are very pleased to be able to raise $125m for our new vessel acquisition programme," Daan Koornneef, Lamnalco's Managing Director said.

Standard Chartered said in a statement that the loan facility will enable the refinancing of a number of vessels in Lamnalco's existing fleet.