jafza secures 12b islamic loan
Last Updated : GMT 18:26:54
Arab Today, arab today
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JAFZA secures $1.2b Islamic loan

Arab Today, arab today

Arab Today, arab today JAFZA secures $1.2b Islamic loan

Abu Dhabi - Arabstoday

Jebel Ali Free Zone (JAFZA) has secured a $1.2 billion sharia-compliant loan from eight banks, a company prospectus said, to help refinance a debt obligationce seen as one of the Gulf Arab region’s most challenging in 2012. The prospectus also confirmed that Economic Zones World (EZW), JAFZA’s parent company, is looking to sell UK-based warehouse developer Gazeley. Sources told Reuters in February that Citi had been appointed to advise on a sale of the company. The Islamic financing facility, combined with a $650 million sukuk completed on Tuesday, will be used to repay a $2 billion-equivalent Islamic bond maturing later this year, repayment of which had been brought forward by the firm. Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Mashreqbank, National Bank of Abu Dhabi, Samba Financial Group and Standard Chartered will fund the $1.2 billion facility, according to the sukuk prospectus. The amortising facility is due to mature in 2020, the prospectus said. According to a June 13 note from JP Morgan, there will also be a cash sweep of 100 per cent of excess cash while total debt remains above four times operating earnings, dropping to 50 per cent once the ratio falls below that mark. Under a cash sweep, any net profit made by the company is used to automatically pay down debt, on top of regular repayments, thereby shortening the time to maturity.from gulf today.

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