Dubai: Deutsche Bank AG London Branch (DB) and Standard Chartered Bank (SCB), along with Abu Dhabi Commercial Bank ADCB, DBS Bank Ltd (DBS), Mubadala GE Capital PJSC (MGE) and Al Khalij Commercial Bank (Al Khaliji) QSC, have successfully arranged a $185 million (Dh679) credit facility for Abraaj Capital, and Waha Capital-backed Gulf Marine Maintenance and Offshore Service Company (Gmmos), a UAE-based provider of marine services to the offshore oil and gas industry.
The proceeds of the loan facility will refinance existing debt and will fund the group's growth in the offshore supply vessel sector, with a current focus on the GCC and South East Asia, and future expansion potential in West and North Africa. SCB and DB were mandated as bookrunners for this transaction, and had fully prefunded the deal in early May. The Facility has a tenure of five years with an average life of 3.3 years.
Joint bookrunners DB and SCB successfully closed syndication of the facility on August 16.
Gmmos Group is comprised of four business divisions centred on two main activities: Marine and Engineering. In Marine, Gmmos activities include Stanford Marine, a prominent offshore supply vessel charter operator in the Gulf and South East Asia, with expansion plans in India and Africa, and shipbuilding and ship repair firm Grandweld.
