Gulf Petrochem Group raises US$150 mln from a syndicate of international and local financial institutions

03-Aug-17

Gulf Petrochem Group has raised US$150 mln from a syndicate of international and local financial institutions to be used to support the group’s global activities amid low oil prices.

The borrowing will take the form of an 8 year term loan which was provided by a syndicate of banks led by Emirates NBD. IL&FS acted as the Financial Advisor, while the National Bank of Fujairah will be the security agent for the financing. The participating banks include Al Ahli Bank of Kuwait, United Arab Bank, Bank of China, ICICI Bank, Mashreq Bank amongst others.