General syndication for US$ 285 Million Qatar Cool facility successfully closed
26 June 2007
Doha, Qatar - The Qatar District Cooling Company QCSC (Qatar Cool) mandated Mashreq as "Mandated Lead Arranger", "Underwriter" & "Book runner” to arrange a 12 year US$ 285,000,000 Secured Term Loan Facility. The Commercial Bank of Qatar QSC and First Gulf Bank joined the facility as "Mandated Lead Arrangers" & "Sub-Underwriters".
The general syndication for the Facility, which was launched by the MLAs on May 14, 2007 was well received internationally and 16 banks from the GCC, China, India and South Korea joining the syndicate at various levels.
"This highly successful syndication marks a strong endorsement of our strategy and our vision for Qatar Cool and also emphasizes the trust we have been able to build with leading financial institutions both inside and outside the region." said Omar Alfardan, Chairman of Qatar Cool.
"We place great importance on our relationship with Qatar Cool, in whose development we see great potential, and are pleased to be able to contribute to its development. The excellent relationship we enjoy with the Commercial Bank of Qatar and First Gulf Bank played an important role in ensuring the success of this syndication." said Omar Bouhadiba, Senior Vice President and Head of Corporate & Investment Banking Group, Mashreq.
The proceeds from this facility are to be used to refinance the existing US$ 69 Million term loan raised by the Borrower in September 2005 and to meet the capital expansion plans of the Borrower in the West Bay area of Doha and on The Pearl, Qatar.
Qatar Cool was incorporated in November 2003 by its founder shareholders – The Qatar based United Development Company (51% current shareholding) and the UAE based National District Cooling Company "Tabreed" (44% current shareholding), which is the regional market leader in district cooling services. The Borrower, which is the sole provider of district cooling services in the State of Qatar, commissioned its first operating plant in the second half of 2006.
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About Mashreq
Mashreq is the largest private bank in the UAE and also the second oldest. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts it was the first to launch such products as travellers’ cheques, credit cards and ATMs.
It is invariably among the highest performing banks in the region. Last year it recorded a Net Profit of over US$470 million from a Total Operating Income of $844 million. At the end of last year its Total Assets stood at $15.2 billion
Mashreq has received numerous international awards, particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin.
As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.
For further information, please contact:
Saad Hakim, Rania Helmy & Pooja Keswani
PR Manager, Mashreq Gulf Hill & Knowlton
Tel: 04 6083707 Tel: 04 334 4930
Email: SaadHa@mashreqbank.com
Email: Rania.Helmy@hillandknowlton.com
Email: Pooja.Keswani@hillandknowlton.com