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2016 Aug 17

Waha Capital Secures New US$ 500 million Revolving Credit Facility

Abu Dhabi, 17 August 2016 – Waha Capital PJSC (ADX: WAHA), a leading investment company based in Abu Dhabi, completed the refinancing of its credit facilities with 12 local, regional and international banks. The new and upsized financing is a 5-year US$ 500 million revolving credit facility. This replaces the previous US$ 375 million revolving credit facility secured in 2014.

The facility was positively received and achieved a significant oversubscription. It was sole coordinated by First Gulf Bank PJSC, one of the leading banks in the UAE, with First Gulf Bank PJSC and Abu Dhabi Commercial Bank PJSC acting as Book runners and Mandated Lead Arrangers, Commercial Bank of Dubai PSC committing as Lead Arranger, and Emirates NBD Bank PJSC, Union National Bank PJSC, National Bank of Fujairah PJSC, Doha Bank QSC, Nomura International plc, HSBC Bank Middle East Limited,  Commercial Bank International PLC, Malayan Banking Berhad (Maybank) and GarantiBank International N.V. committing as Arrangers.

Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital, said: “Waha Capital has secured excellent terms for our new long-term credit facility, signaling confidence in the company’s growth strategy among our long-term financial partners. Thanks to our prudent approach to financial management, the company is in a strong position to invest further to diversify our assets and income streams, including through our new asset management business.”

Waha Capital reported a net profit of AED 305.9 million for the first half of 2016 and delivered a return on average equity of 7.4 percent for the first six months of 2016.

Steven Perry, Global Head of Debt Markets & Syndications at FGB, said: “This successful transaction is testament to the solid work FGB is doing to meet the financing needs of our customers, by providing world-class services as well as the right knowledge and expertise. Waha Capital has developed strong relationships with its banks over a number of years and we were privileged to have led this financing and secured the oversubscription, helping the company to continue positioning itself well for future growth and progress.”

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