Indian manufacturer secures $126.6m club facility to finance growth in Middle East
Indian industrial manufacturer Jindal Saw has secured a six-year club facility of AED465m ($126.6m) via a group of Dubai-based banks to finance its growth in the Middle East.
Commercial Bank of Dubai, Commercial Bank International, Emirates NBD and Mashreq Bank are the mandated lead arrangers and bookrunners on the transaction, providing the funding to Jindal Saw Middle East, the companys regional subsidiary.
Jindal Saw has established a facility in Abu Dhabi to provide pipes for water transportation and sewerage systems to projects across the Middle East and North Africa (Mena) region.
The funding will partially refinance existing obligations and fund the companys medium-term financing requirements.
Dubai-based investment bank Alpen Capital was the financial adviser on the transaction.