The National Bank of Abu Dhabi, NBAD, has signed a deal to provide a 10-year Term Loan facility of AED1.2bn to Abu Dhabi National Hotels, ADNH.
NBAD’s secured facility refinanced an outstanding debt under a syndicated term loan facility that ADNH signed with four banks in January 2010.
“This is a landmark transaction given the size of debt raised in the current competitive market. ADNH was successful in negotiating to enhance the terms and tenor in the refinancing facility, which will strengthen the financial performance of our company in the near future,” says Ignace Bauwens, CEO of ADNH.
Sheikh Ahmed bin Mohammed Al Dhaheri, Vice Chairman of the ADNH Board of Directors, and Ahmed Seddiq Mohamed Khoori, Senior Vice President of ADNH, represented the company at the signing ceremony.
Mark Yassin, Co-Head of Wholesale Banking and Senior Managing Director of Global Banking, NBAD, commented, “We are pleased to provide this term loan facility to ADNH in support of the company’s growth ambitions. This transaction underscores NBAD’s commitment and partnership towards the progress of the hospitality industry in Abu Dhabi and the UAE.” Rola Abu Manneh, Senior Managing Director and Head of Client Relationships of NBAD, added, “We are confident this important deal will lead to future partnership between NBAD and ADNH, which has a promising strategic investment plan and long term vision.” Abu Dhabi National Hotels is a public-traded company listed on Abu Dhabi Securities Exchange (ADX). ADNH owns major hotels in Abu Dhabi, Al Ain and Dubai including the Ritz Carlton in Abu Dhabi, Park Hyatt in Saadiyat Island, and the Sofitel Jumeirah Beach Hotel in Dubai.
Source : WAM News Agency for United Arab Emirates
