Qatari firm seeks $850m loan for debt refinance

   

The holding company of Aamal Holding Co, Qatar's best-performing stock this year, is seeking a $850 million loan, including an Islamic tranche, to help refinance debt, the company's chief financial officer said.


General syndication for Al-Faisal Holding Co's seven-year loan closes on May 5 and about 30 per cent of the funds will comply with Islam's ban on lending on interest, Tareq al-Sayed said on Thursday.
 
"It is partly to refinance existing debt...we are clubbing the debt with an international bank...so we can start to go international," Sayed told Reuters by telephone from Doha.
 
Citigroup is acting as the loan's bookrunner and underwiter. Other banks underwriting the loan include Al-Khaliji Bank , Commercial Bank of Qatar and Dubai-based Mashreq.
 
Faisal Holding has about 70 subsidiaries in sectors including hospitality, construction, pharmaceuticals and industry.

Shares of Aamal, which began trading in December, have almost doubled in value this year, and rose 2.22 per cent on Thursday, according to Reuters data. (Reuters)

 

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