Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
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:

  • Global Coordinators, Bookrunners and Mandated Lead Arrangers: Barclays Bank PLC, Citi and J.P. Morgan Limited
  • Mandated Lead Arrangers: Caterpillar Financial Services (Dubai) Limited, Commercial International Bank (Egypt) S.A.E, HSBC Bank Middle East Limited, Mashreqbank PSC, Qatar National Bank Group (acting through Commercial Bank International PSC, National Société Générale Bank S.A.E), and The Standard Bank of South Africa Limited
  • Lead Arrangers: First Gulf Bank PJSC, Standard Chartered Bank
  • Arrangers: Abu Dhabi Commercial Bank PJSC, Commercial Bank of Dubai P.S.C and Bank Audi SAL


Posted by : Dubai PR Network Editorial Team
Viewed 14951 times
PR Category : Banking & Investments
Posted on : Thursday, June 13, 2013  2:51:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Route to prosperity has never been faster, say Middle East's...
Next Story : Nexus Financial Services Vows To Raise Bar In Kuwait Insuran...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Get Festive Ready With Prestige Cosmetics Holiday Collection [8381-Views]
Chloé's Iconic “Carlina” Sunglasses In a Precious New Interpretation [5990-Views]
Maserati's innovation on board the Multi 70 trimaran: the technical partnership with Giova... [5758-Views]
PACE to Space [5057-Views]
‘Artistry' - Branded Jewellery show at Malabar Gold & Diamonds' outlets in Bur Dubai is a ... [4862-Views]
The Luxury Closet's Commitment to a More Sustainable Fashion Future to Change the way Cons... [4837-Views]
Master Chronometer: Raising Standards [4648-Views]
Travel Diaries - ECCO Shoes and Accessories [4386-Views]
Ports Customs and Free Zone Corporation celebrates the 48th National Day [4355-Views]
Arabic version of Zoho Creator launched to help businesses create custom applications [4282-Views]
J.D. Power announces 2019 UAE Sales Satisfaction Index [4252-Views]
Holiday Hair-Styling Essentials from VIERRO [4172-Views]
Formula 1 meets Virgin Hyperloop One: California-based Developer to Showcase Passenger Pod... [4148-Views]
Huge White Friday Deals Coming to Dubai Festival City Mall [4099-Views]
Indulge in New flavours sprinkled With A Dash of Bollywood & Nostalgia at Hitchki [4087-Views]
Life-changing Raffles Announced for 25th Edition of Dubai Shopping Festival [4081-Views]
Union Coop Pays Tribute to the Martyrs on Commemoration Day' [4063-Views]
Luxe Beauty Gifts for your Loved Ones this Festive Season [4032-Views]
Trading Enterprises announces the arrival of the new S60 premium sports sedan in the UAE [3965-Views]
Cisco Advances Solutions to Simplify Cybersecurity Processes in Saudi Arabia [3861-Views]
Emirates Post issues commemorative stamps to celebrate the UAE 48th National Day [3843-Views]
ENEC Releases 'Tasamoh' a Rehabilitated Green Turtle and organizes Beach Cleanup at Barak... [3758-Views]
Robinsons celebrates UAE National Day with leading Emirati brands and a host of family-fri... [3727-Views]
Dunecrest American School Celebrates the UAE National Day [3715-Views]
Revive Your Haute Couture Collections with Champion Cleaners VIP Couture Cleaning Service [3672-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories