FGB looks to maintain strong growth in 2015 having already closed a USD 313.7 million secured syndication facility on behalf of Dalma Energy.
The deal follows recent news that during 2014 the bank’s Wholesale Banking Group became the leading arranger for syndicated loans in the UAE.
In 2014, FGB extended USD 2.65 billion in credit, more than five times the amount offered by the bank in 2013 and the highest volume for FGB since 2007.
Simon Penney, Head of Wholesale and International Banking, said, “Our Debt Markets and Syndications division, which led the deal, was first established in September 2013, so reaching the number one position locally and coming in second for the MENA region is an incredible achievement in such a short space of time. We’re also very pleased to see our efforts in Islamic financing paying off, and reaching this position as third leading Islamic loan mandated lead arranger is fantastic news.” Since the establishment of the Debt Markets and Syndications division, FGB has worked on a number of significant Islamic and conventional deals for clients across various sectors, including real estate, hotel development, oil and gas, manufacturing, food, aircraft and shipping.
The bank acted as sole underwriter and mandated lead arranger for a USD 313.7 million seven-year senior secured syndication facility on behalf of international drilling contractor, Dalma Energy. The proceeds of the funded facility were used to refinance existing debt, whilst the unfunded facility of USD 13.7 million was used to re-issue guarantees.
Steve Perry, FGB’s Head of Debt Markets and Syndications, said, “As Dalma Energy’s operations are based in several international locations, the transaction was a complex one. We overcame this challenge however, working closely with the client’s management to successfully establish a well-structured security package and deal structure. This was a significant deal for the bank, cemented our position as the UAE’s top mandated lead arranger. The transaction also supported our strategy to structure major transactions and then to distribute. We are continuously working towards establishing ourselves as a lead advisory, underwriting and distribution bank.” In line with WBG’s growth strategy FGB has strengthened its Debt Capital Markets business with the appointment of Giuseppe Ruggiero, ex-Goldman Sachs Group Inc. banker.
Source : WAM News Agency for United Arab Emirates
