Qatar Islamic Bank (QIB) has participated in a Shariah-compliant syndicated finance facility worth $325mn for Stanford Asia Holding Company. QIB said yesterday it contributed $50mn to the senior secured facility.
Stanford Asia Holding Company is a subsidiary of Stanford Marine Group (SMG).
Noor Bank acted as the initial mandated lead arranger and bookrunner while QIB, Barwa Bank and First Gulf Bank acted as mandated lead arrangers. Ajman Bank and United Arab Bank acted as lead arrangers to the transaction.
The facility will be used for general corporate purposes and to refinance existing facilities. The deal will support the Stanford Marine Group’s efforts to reduce its overall cost of finance and contribute to the group’s profitability and cash flow.
On the financing deal, QIB assistant general manager (Wholesale Banking Group) Saeed al-Khayareen said, “QIB’s participation in this key financing deal is part of our strategy that focuses on seizing investment opportunities available in the region. As Islamic banks, this syndication will foster cooperation between our institutions to strive to provide Islamic financing solutions to fulfil the needs of major companies in the Gulf, such as Stanford Marine. It is a testament to QIB’s role as a pioneer and one of the world’s leading Islamic banks in facilitating such landmark transactions.”
Stanford Marine, a prominent offshore supply vessel (OSV) owner and operator in the Arabian Gulf, South East Asia, India and Africa, is part of Stanford Marine Group (SMG), which also owns Grandweld, the leader in shipbuilding and ship repair in the Arabian Gulf focusing on the OSV segment.