|UNATRAC HOLDING LIMITED COMPLETES UPSIZED SYNDICATED LOAN FOR US$700M|
Dubai, UAE - 13th June 2013: Unatrac Holding Limited (“Unatrac”) has successfully completed and signed a new US$700m syndicated three year revolving credit facility. Barclays Banks PLC, Citi, and JPMorgan Limited acted as joint global coordinators and bookrunners for the facility. The funds will be used to finance working capital requirements and to refinance existing debt facilities while supporting operational growth for the next three years.
Unatrac is one of the largest Caterpillar dealers globally (construction and mining equipment, diesel and natural gas engines, material handling equipment), with exclusive dealership rights in eight countries across Africa, the Middle East, and several regions in Russia, in addition to an export sales office in the United Kingdom. Unatrac is 100 per cent owned by the Mansour family, founders of one of the largest privately-owned conglomerates in the Middle East and North Africa. The Mansour Group employs more than 42,000 professionals, with operations that span several industry sectors including automotive, consumer goods, retail, logistics, industrial equipment, and capital markets. Unatrac currently employs more than 2,500 people.
“Unatrac is set for phenomenal growth. This financial year we have forecasted a 17% increase in revenue due to high demand across Africa, the Middle East and Russia in the construction, mining and energy sectors,” said Mohamed Mansour, Chairman of Unatrac Holding Limited and Mansour Group. “These funds will allow us to continue to expand our operations and build the business to meet the growing demand in our markets. As we build for the future, we will continue to focus on our core family values, with our key asset being our people.”
This debut syndication received strong support from both existing and new lenders.
Syndication was launched for US$600m and closed approximately two times oversubscribed allowing the facility to be upsized to US$700m with all lenders scaled back. The centralized facility achieves Unatrac's goal of having simplified and streamlined financing arrangements by bringing together existing bilateral lenders and new lenders under one facility.
“Unatrac is a market leader with more than seventy years of experience and operations in twelve countries across three continents. Upon completing a major group restructure last year, our Shareholders have committed US$500m in funded equity for our organization, which shows the commitment of the Mansour Family to the business. The current standing of the company and its enormous potential is underlined by the upsizing and oversubscription of the syndicate,” said Loutfy Mansour, Chief Executive Officer of Unatrac Holding Limited. “We look forward to realising this potential by capitalising on the array of lucrative opportunities in our key markets.”
The final syndicate of the facility is as follows:
www.DubaiPRNetwork.com The First Online Press Release Distribution Platform from Dubai