Al Dur closes $1.3bn refinancing deal
01 February 2019
Al Dur Power & Water Company, the largest power generation and water desalination firm in Bahrain, has announced the successful closure of a $1.3-billion refinancing facility provided by a syndicate of 20 local, regional and international banks.
Banks participating in the transaction include Ahli United Bank, Al Rajhi Bank, Arab Bank, Bank ABC, ABC Islamic Bank, Arab National Bank, Arab Petroleum Investments Corporation (Apicorp), Banque Saudi Fransi, BNP Paribas, Crédit Agricole CIB, Export Development Canada, Gulf International Bank, KFW IPEX-Bank, Kuwait Finance House (Bahrain), Mashreqbank, MUFG, Riyad Bank, National Bank of Kuwait – Bahrain Branch, Société Générale, Standard Chartered Bank and The Saudi National Commercial Bank.
The refinancing facilities extend up to 14 years and include $450 million of conventional facilities and $850 million of Islamic facilities, said the Bahraini company.
The new financing replaces the one originally provided in 2009, which amounted to $1.6 billion, it added.
Al Dur accounts for one-third of the country’s power and water production with a combined capacity of 1,234 MW of power and 48 million gallons per day of water.
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