The $550 million facility will initially be split into a $400 million conventional tranche and a $150 million Islamic tranche. The conventional tranche is being lead arranged on an expected club basis by Arab Banking Corporation, Abu Dhabi Investment Company, ANZ Investment Bank, Barclays Capital, Bayerischelandesbank, HSBC, National Bank of Abu Dhabi (NBAD), National Bank of Kuwait, NordLB, Societe Generaleand Union National Bank. It will have a tenor of 16 years and a step-up margin starting at 95 basis points (bp) over Libor and rising to 130 bp. The Islamic tranche is being lead arranged by Abu Dhabi Islamic Bank (MEED 18:7:03).

Plans for a bond component have been revised and it is now expected to be folded back in under the loan. Banks say $135 million of the conventional loan will be put into a special purpose vehicle, which will then issue 10-year paper. HSBC, NBAD, National Bank of Dubaiand Standard Charteredare expected to be the joint lead managers on the bond issue. It is understood that a final decision on the currency of the proposed bond is yet to be decided, but that the dollar option is becoming increasingly attractive.