ABU DHABI: Senaat, the Abu Dhabi-based industrial investment holding company, part of ADQ, has successfully refinanced a three-year revolving loan facility amounting to $267 million (AED 980.6 million).
BNP Paribas acted as sole coordinator and book-runner on the financing. However, the names of the financial institutions involved in the deal are not known. Senaat is one of the UAE’s largest industrial investment holding companies, with operations in Abu Dhabi’s four priority industrial sectors, namely metals, oil and gas services, construction & building materials and food & beverages manufacturing. It is part of ADQ, one of the region’s largest holding companies.
A statement from Senaat said the new facility has replaced a loan which matured in December 2019, and this will be used to support Senaat’s general corporate requirements.
The company said the competitively priced facility was increased after its initial call for $200 million was heavily oversubscribed. The resulting facility is to be allocated among 12 local, regional and international lenders in proportion to their proposed subscriptions.
Khalifa Sultan Al Suwaidi, Chairman of Senaat and Chief Investment Officer at ADQ, said that Senaat’s operating companies are strong and competitive industrial businesses that form the cornerstone of Abu Dhabi’s industrial sector, and are contributing to the diversification of Abu Dhabi’s economy.