Bank of London and The Middle East (BLME) has completed a $50 million syndicated Ijara leasing facility for Al Ghadeer Marine Shipping of Dubai to fund the acquisition of the 53,000 DWT double-skinned bulk carrier Sara V.

BLME advised and arranged the financing and four other institutions joined in syndication with Jordan International Bank acting as co-lead arranger.

BLME structured the transaction using a special purpose vehicle established in the Cayman Islands which acted as the Mudarib in the transaction and holds beneficial title to the vessel.

The bank's Sharia supervisory board acted as Sharia adviser on the transaction.

The facility is the first international syndicated debt financing raised by Al Ghadeer to fund its expansion and acquisition programme and the vessel is the largest acquisition by Al Ghadeer to date.

"We are pleased to have been entrusted with this mandate by Al Ghadeer who chose a UK-based Sharia-compliant institution to lead and arrange this financing, the group's premier international debt raising exercise, for the acquisition of the Sara V," said BLME director of corporate banking Rodney Ballard.

"The transaction was well received and supported during syndication by both Islamic and conventional banks".

"We are very pleased to have been able to conclude this transaction with BLME and appreciate the support and flexibility they have shown in delivering this financing to assist us in meeting our planned acquisition," said Al Ghadeer chairman Hamdi M Ajlan.

"BLME have shown their commitment to us and we hope to develop a more meaningful relationship given the range of Sharia-compliant products they are able to deliver."-TradeArabia News Service