IslamicFinance.de

Abu Dhabi Islamic Bank (ADIB) has closed a Dhs1.32bn ($360m) Syndicated Islamic Facility for Abu Dhabi-based Gulf Marine Services (GMS), the largest provider of self-propelled self-elevating jackup barges in the world. ADIB acted as the Mandated Lead Arranger, Sole Underwriter, Sole Bookrunner, Investment and Security Agent for the facility. The deal was tailored by ADIB to meet GMS' financing needs, including re-financing existing facilities and providing finance for the acquisition of 2 additional vessels. The financing will also help GMS achieve its plan to further improve and expand its fleet. The facility evidenced strong demand from local and regional banks which resulted in it being 2 times oversubscribed by 10 local and regional banks.