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Financial close was reached on 6 March on a $100 million refinancing package for the $140 million Ajman integrated wastewater project. The 20-year facility has been extended to Ajman Sewerage (Private) Company by ING Bank and is underwritten by a monoline insurance wrap from US firm Ambac, which was provided after the project received an investment-grade credit rating from Standard & Poor’s and Moody’s Investors Service. The new credit facility replaces a 14-year, $77.5 million club deal signed in January 2003 with Hypovereins-bank, Bayerische Landesbank, United Arab Bank and Mashreq-bank. The existing lenders were fully repaid following a complete drawdown on the facility.