Sharjah – MENA Herald: United Arab Bank (“UAB”), announces the successful closing of an US$120 million credit facility for its client, Aegean Oil Terminal Corporation (“Aegean”), a subsidiary of NYSE listed Aegean Marine Petroleum Network Inc. (NYSE: ANW) (“AMPNI”).
The credit facility marks the first syndicate lead for UAB as it seeks to pursue further syndicate lead roles in the region. The new facility will be used by Aegean to refinance an existing credit facility, with the balance to be used to pursue Aegean’s strategy of selling blended products to generate greater profitability.
The initial syndicate members were Abu Dhabi Commercial Bank, Commercial Bank of Dubai, National Bank of Oman, in addition to UAB in its role as syndicate lead.
Samer Tamimi, Acting CEO at UAB, said, “UAB has been supporting its clients in the UAE for the past 40 years, and we will continue to build on our established client relationships in the future. We are committed to the UAE market where we see promising opportunities to lead syndications on behalf of our clients in the country and across the region.
“The deal demonstrates the strength of the relationship between participating banks. I would like to thank all syndicate members for their support of this deal. As we seek further syndicates in the region, we will increasingly form relationships with leading banks in the UAE and the region, to collectively facilitate strategic financing solutions for our clients.”
Julio de Quesada, Chief Business Officer at UAB, added, “Our ability to lead and market a US$120 million syndicated facility for our client, Aegean, is a testament to the value we deliver to our corporate clients. Aegean will now be able to refinance its oil terminal facilities in Fujairah.
“UAB was able to attract strong interest from participating banks for Aegean, being an NYSE-listed company, with a sound track-record of financial performance and for being a significant subsidiary of AMPNI, one of the largest independent fuel suppliers in the world.”
- Nikolas Tavlarios, President of AMPNI, commented, “We are pleased with the confidence this banking group has shown in our business and believe their support will help drive our growth plans in the region.”