ADIB's Strategic Syndication: $235 Million for BGN and Al Seer Marine's Gas Carriers

ADIB's Strategic Syndication: $235 Million for BGN and Al Seer Marine's Gas Carriers

By Staff Writer, 28 March 2024

ADIB Successfully Concludes $235 Million Sharia-Compliant Financing for BGN and Al Seer Marine's Energy-Efficient Gas Carriers

Abu Dhabi Islamic Bank (ADIB) proudly announced the completion of a sharia-compliant syndicated transaction valued at AED865 million ($235 million) aimed at supporting BGN and Al Seer Marine in financing new and energy-efficient gas carriers.

This successful financing marks the second phase of a broader syndication totaling $370 million.

The funds will facilitate the construction of three cutting-edge Very Large Gas Carriers (VLGCs) in South Korea and Japan.

In this significant deal, ADIB played multiple pivotal roles, serving as the Mandated Lead Arranger, Coordinator, Bookrunner, Shari’a Advisor, and Investment and Security Agent.

The bank received extensive support from key players in the maritime and energy sectors, including Abu Dhabi Commercial Bank (ADCB), National Bank of Fujairah (NBF), Commercial Bank of Dubai (CBD), and a strategic partner from KSA, The Islamic Corporation for the Development of the Private Sector (ICD), a vital multilateral development financial institution and the private sector arm of the Islamic Development Bank (IsDB) Group.

The meticulous documentation and coordination of the transaction were expertly handled by esteemed global law firms Dentons, acting as the Syndicate’s Legal Counsel, and Holman Fenwick Willan (HFW), representing the Company’s Legal Counsel.

This achievement underscores ADIB's commitment to facilitating innovative and sustainable financing solutions in line with Islamic principles.

Source: TradeArabia

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