Stanford Marine secures financing dealCompany News // June 26, 2015
Noor Bank, a UAE-based Shari’a compliant bank, has closed a AED 1.2 billion Islamic Syndicated Structured Finance Facility for offshore vessel operator Stanford Asia Holding Company, a subsidiary of Stanford Marine Group (SMG).
Apart from being Initial Mandated Lead Arranger, Noor Bank PJSC also acted as the sole underwriter and sole bookrunner for the Murabaha structured Shari’a compliant syndication.
The facility will be used to consolidate Stanford Marine Group’s existing conventional and Islamic facilities into a single tranche facility.
The deal will support SMG’s efforts to reduce its overall cost of finance and contribute to the group’s profitability and cashflow.