AD Ports seals $2bn funding deal with 13 banks

Abu Dhabi’s AD Ports Group has signed a $2bn financing agreement with a syndicate of 13 banks.

The multi-currency general corporate facility includes three tranches of $620m, €600m ($655.32) and AED2.86BN ($778.87m) for a period of up to two-and-a-half years.

“The success in raising the $2bn facility reflects our profitable and enduring business as well as underscoring AD Ports Group’s strong financial position and the confidence that the banking sector has in our organisation’s robust long-term financial performance,” said Mohamed Juma Al Shamisi, group CEO and managing director.

First Abu Dhabi Bank and Citibank were the co-ordinators and bookrunners, while Mizuho Bank and Abu Dhabi Commercial Bank were the additional bookrunners. Société Générale and Emirates NBD Capital acted as lead arrangers.