Dubai Caterpillar dealer inks $700m loan deal
Dubai, June 16, 2013
Unatrac Holding Limited (Unatrac), one of the largest dealers of Caterpillar Inc. (CAT) machinery, said it has successfully signed a new $700 million syndicated three year revolving credit facility.
A major provider of construction and mining equipment, diesel and natural gas engines, material handling equipment, Unatrac said the funds will be used to finance working capital requirements and refinance existing debt facilities while supporting operational growth for the next three years.
Barclays Banks, Citi, and JPMorgan Limited acted as joint global coordinators and bookrunners for the facility.
Unatrac is one of the largest Caterpillar dealers globally with exclusive dealership rights in eight countries across Africa, the Middle East, and several regions in Russia, in addition to an export sales office in the United Kingdom.
Unatrac is 100 per cent owned by the Mansour family, founders of one of the largest privately-owned conglomerates in the Mena region. The Mansour Group employs more than 42,000 professionals, with operations that span several industry sectors including automotive, consumer goods, retail, logistics, industrial equipment, and capital markets. Unatrac currently employs more than 2,500 people.
“These funds will allow us to continue to expand our operations and build the business to meet the growing demand in our markets. As we build for the future, we will continue to focus on our core family values, with our key asset being our people,” said Mohamed Mansour, the chairman of Unatrac Holding Limited and Mansour Group.
“Unatrac is set for phenomenal growth. This financial year we have forecasted a 17 per cent increase in revenue due to high demand across Africa, the Middle East and Russia in the construction, mining and energy sectors,” he noted.
“These funds will allow us to continue to expand our operations and build the business to meet the growing demand in our markets. As we build for the future, we will continue to focus on our core family values, with our key asset being our people,” he added.-TradeArabia News Service