Standard Chartered and Noor Islamic Bank arrange USD 175 million for Stanford Marine Group

Standard Chartered Bank and Noor Islamic Bank operated jointly as Initial Mandate Lead Arrangers and Structuring Banks for a five years USD 175Mn Senior Secured Club Facility for Stanford Marine Group. The proceeds of the term loan have partly been utilized to refinance existing debt. Standard Chartered Bank was Facility Agent, Investment Agent, and Hedging Bank. The facility offers growth capital to acquire second hand and/or build offshore supply vessels.
The deal conatins dual currency tranches (AED and USD) and Conventional and Islamic Murabaha tranches.