United Arab Bank (UAB) has announced the successful closing of an $120-million credit facility for its client, Aegean Oil Terminal Corporation, a subsidiary of NYSE listed Aegean Marine Petroleum Network.

The credit facility marks the first syndicate lead for UAB as it seeks to pursue further syndicate lead roles in the region.  The new facility will be used by Aegean to refinance an existing credit facility, with the balance to be used to pursue Aegean’s strategy of selling blended products to generate greater profitability, a statement said.

The initial syndicate members were Abu Dhabi Commercial Bank, Commercial Bank of Dubai, National Bank of Oman, in addition to UAB in its role as syndicate lead.

Samer Tamimi, acting CEO at UAB, said: “UAB has been supporting its clients in the UAE for the past 40 years, and we will continue to build on our established client relationships in the future. We are committed to the UAE market where we see promising opportunities to lead syndications on behalf of our clients in the country and across the region.

“The deal demonstrates the strength of the relationship between participating banks. I would like to thank all syndicate members for their support of this deal. As we seek further syndicates in the region, we will increasingly form relationships with leading banks in the UAE and the region, to collectively facilitate strategic financing solutions for our clients.”   

Julio de Quesada, chief business officer at UAB, added: “Our ability to lead and market a $120 million syndicated facility for our client, Aegean, is a testament to the value we deliver to our corporate clients. Aegean will now be able to refinance its oil terminal facilities in Fujairah. - TradeArabia News Service