Future Pipe Industries Group completes USD 135M Facility

Dubai - UAE, 6th July 2015: Mashreq, National Bank of Fujairah (NBF), Noor Bank, Standard Chartered Bank (SCB) and Union National Bank (UNB) have jointly closed a USD 135 million dual tranche senior unsecured facility (the Facility) for Future Pipe Industries Group (FPIG), the worldwide leader in engineered, performance-based, fiberglass pipe systems.

FPIG will use the facility proceeds to settle existing indebtedness early and to finance its capital expenditures.

Mashreq acted as the Mandated Lead Arranger and Bookrunner as well as Coordinating Bank for the Facility. NBF, Noor Bank, SCB and UNB acted as Mandated Lead Arrangers for the Facility.

Dr Omar Ashur, CFO of FPIG commented: “This transaction will facilitate FPIG’s further growth and strengthen FPIG’s ability to support its customers.  We are pleased that the transaction was executed efficiently due to the strength of FPIG’s relationship with the banks and commitment of the working group.”

John Iossifidis, Head of Corporate Banking and Investment Banking said: “This successful transaction demonstrates the strong relationship that FPIG has with its banking partners. With its innovative product offering and its business development strategy, FPIG has been able to maintain and enhance its position in several existing markets, while penetrating new markets. The partnership between FPIG and its banks has been growing over the years and this landmark transaction is yet another important milestone that further enhances it. Mashreq is delighted to have been associated with this success.”

Building on more than 40 years of experience and its advanced proprietary technology, FPIG is considered one of the world leaders in the design and manufacture of large diameter composite fiberglass pipe systems. The organization has established a strong reputation for providing its customers with a combination of superior product performance, high product quality and exceptional service at competitive prices, in order to deliver water and energy in the most efficient way.