(Abu Dhabi) – The National Bank of Abu Dhabi, NBAD, has signed a deal to provide a 10-year Term Loan facility of AED1.2bn to Abu Dhabi National Hotels, ADNH.
NBAD’s secured facility refinanced an outstanding debt under a syndicated term loan facility that ADNH signed with four banks in January 2010.
“This is a landmark transaction given the size of debt raised in the current competitive market. ADNH was successful in negotiating to enhance the terms and tenor in the refinancing facility, which will strengthen the financial performance of our company in the near future,” says Ignace Bauwens, CEO of ADNH.
Sheikh Ahmed bin Mohammed Al Dhaheri, Vice Chairman of the ADNH Board of Directors, and Ahmed Seddiq Mohamed Khoori, Senior Vice President of ADNH, represented the company at the signing ceremony.
(Courtesy WAM)
