US$ 135 million multicurrency term loan for al-Ittefaq Steel Products Company

Published March 19th, 2007 - 01:35 GMT

Al-Ittefaq Steel Products Company (ISPC) signed yesterday in Dammam, Kingdom of Saudi Arabia, a US$ 135 million multicurrency syndicated term loan facility agreement with a group of banks led by Bahrain-based Gulf International Bank (GIB).


GIB is the sole mandated lead arranger and facility agent for this transaction. The other banks supporting the loan facility include The National Commercial Bank, The Saudi Investment Bank, Arab Bank plc, National Bank of Kuwait SAK, Jeddah Branch, Samba Financial Group and Standard Chartered.


The signing ceremony was attended by Dr. Hilal Al-Tuwairqi, Chairman of ISPC, Mr. Tariq Barlas, Vice Chairman and CEO of ISPC, Mr. Abbas Ameeri, GIB’s Managing Director-Merchant Banking, and representatives from the participating banks.


The facility will be used by ISPC for general corporate purposes and selective capital expenditure. The company is part of the Al-Tuwairqi Group, a leading manufacturing conglomerate in Saudi Arabia. The Group is engaged in manufacturing various types of products including, but not limited to, space frames roofing systems, hot rolled steel products, steel billets and electrical equipment.


GIB is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council states. It provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, asset management, project and structured finance and Islamic banking.


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