Bahrain steel closes $340m loan facility

Bahrain Steel (previously known as Gulf Industrial Investment Company (GIIC) has successfully closed the syndication of its USD 340,000,000 senior secured term and revolving credit facilities.
The Facilities are split between a 7-year USD 300,000,000 amortising term loan and a 7-year USD 40,000,000 revolving credit facility.
The Facilities will be utilised to repay certain existing financial indebtedness of the Company, and for general corporate purposes. The new loan facilities will reduce the overall cost of borrowings for the company.
Arab Banking Corporation, HSBC and Mashreqbank acted as Initial Mandated Lead Arrangers, Bookrunners and Underwriters. Al Khaliji Commercial Bank, BNP Paribas, Doha Bank., and Qatar National Bank joined as Mandated Lead Arrangers. State Bank of India joined as a Lead Arranger.
Today morning a loan signing ceremony was held in Bahrain Steel’s Club house which was presided over by the Company’s Chairman Khalid Al Bassam and as attended by the senior management of the company and syndicate banks.