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Article: Shuqaiq debt syndicated.(SAUDI ARABIA)(British Arab Commercial Bank)(Allied Irish Banks PLC)(Arab Banking Corporation Egypt)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- January 19, 2007
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Syndication closed in mid-January of the debt package to fund the Shuqaiq independent water and power project (IWPP). Allocations are due to be finalised by the end of January with financial close due in late February
The financing is made up of a $1,160 million, 22-year loan priced at 115-165 basis points (bp), a $230 million, 10-year loan priced at 90-100 bp aimed at local and regional banks and a 14-year, $60 million cost-overrun facility.
Banks committing to the short-term loan are Allied Irish Bank (AIB), Arab Banking Corporation, Bank of Bahrain & Kuwait (BBK), British Arab Commercial Bank and Qatar National Bank. Those subscribing to the ...