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Senaat secures $400 million revolving credit facility

The facility to support the financing of Senaat’s general corporate requirements

Gulf News

Abu Dhabi: Senaat, an industrial investment holding company owned by the government of Abu Dhabi, has entered into an agreement with eleven financial institutions to receive a revolving credit facility of $400 million, it was announced on Monday.

The facility, split between 3-year and 5-year tranches, will be utilised in lieu of the existing $750 million revolving credit facility, which was placed in 2013, and to support the financing of Senaat’s general corporate requirements.

BNP Paribas and National Bank of Abu Dhabi acted as joint coordinators on the financing, which was obtained at pricing that is below the levels achieved in 2013.

Jamal S. Al Dhaheri, Senaat’s CEO, said: “The support we have received from both our local and international institutional partners is a result of the close relationships we have developed over the last years, and reflects the trust that our financial partners place in the Senaat group performance and future plans.”

Participating financial partners include BNP Paribas, National Bank of Abu Dhabi PJSC, The Bank of Tokyo-Mitsubishi UFJ, Citigroup, HSBC, JP Morgan, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Société Générale, Standard Chartered and Union National Bank.

Senaat manages more than $7.3 billion (Dh26.8 billion) of industrial assets, for the Government of Abu Dhabi. It is a key contributor to Abu Dhabi’s Economic Vision 2030, which aims to diversify the emirate’s economy away from its reliance on the hydrocarbon sector by developing a strong industrial capability.