Today's Edition
ABU DHABI (ALETIHAD)
AD Ports Group has signed an agreement with two UAE banks to refinance its $2.5 billion (Dh9.175 billion) syndicated loan one year ahead of schedule at more favourable terms, the company said in a statement.
The refinancing deal was concluded with First Abu Dhabi Bank (FAB) and Emirates NBD Capital, and includes an additional accordion option of Dh3 billion. The facility carries a tenor of three years and will mature in March 2029.
The new syndicated loan replaces a 2.5-year medium-term facility that was arranged in September 2024, and is aimed at reducing future borrowing costs while enhancing the group’s financial flexibility.
“This new refinancing agreement not only allows the Group to optimise our financing costs, but also gives us additional flexibility to proactively manage our debt profile, and puts us in a position to capitalise on more favourable market conditions as they emerge, taking advantage of potential future interest rate-cycle easings to refinance the company’s capital needs at competitive rates, in line with our capital structure,” said Martin Aarup, Chief Financial Officer of AD Ports Group.
The company said the new facility maintains and extends its flexibility to time its return to the debt capital markets in line with its strategy to utilise bonds as the predominant long-term funding vehicle.
