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NBK, Al Khorayef in $56.8m financing deal

Kuwait, May 27, 2014

National Bank of Kuwait (NBK) and Saudi Arabia-based Al Khorayef Group have signed a financing deal to arrange $56.8 million syndicated facilities with a tenor of five and a half years.
 
The facilities will be used by Al Khorayef Group for its project with Kuwait Oil Company (KOC) for the supply, installation, surveillance and maintenance of the electrical submersible pumping systems (ESP), which is manufactured locally by the group’s factory in Saudi Arabia.
 
NBK is the mandated lead arranger for this agreement while Bank Muscat is acting as a co-lender. 
 
Shaikha Al Bahar, NBK deputy group chief executive officer, said: “NBK has a long track record in financing major development projects in Kuwait, with special expertise in the oil projects.”
 
“NBK’s relationship with Al Khorayef Group extends over several years. NBK was also the lead arranger and agent bank for the syndicated loan facility for Al-Khorayef Group for financing the new Gathering Center 16 (GC-16) in west Kuwait.” 
 
Saad Al-Khorayef, Al-Khorayef group chairman and managing director signed the agreement at NBK’s headquarters in the presence of Osamah Al Abdullatif, Bank Muscat - Kuwait CEO, Pradeep Handa, NBK general manager, Foreign Corporate, Oil and Trade Finance Group, George Richani, head of International Banking Group and other officials representing NBK, Al Khorayef Group and Bank Muscat. 
 
Al Tamimi Company acted as the legal advisor on this deal. - TradeArabia News Service



Tags: NBK | deal | Financing | syndicated |

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