Stanford Asia Holding Co., a unit of Dubai-based oil and gas services company Stanford Marine Group, raised a $300 million loan to replace existing debt.
The five-year syndicated facility was arranged by Standard Chartered Plc, Emirates NBD PJSC, Mubadala GE Capital PJSC and Noor Islamic Bank PJSC, according to an e-mailed statement from Standard Chartered in Dubai today. The facility was oversubscribed with Abu Dhabi Commercial Bank PJSC, Barwa Bank, Mashreqbank PSC also joining as arrangers.
Buyout firm Abraaj Group, which owns 51 percent of Stanford Marine, plans an initial public offering of the company in London, a person familiar with the plan said Sept. 15. The share sale of the company, which charters, builds and repairs offshore support vessels for the oil and gas industry, will probably take place in the first quarter, the person said.
Syndicated loans in the Middle East and North Africa have dropped 7.7 percent this year from the same period a year ago to $28.9 billion, according to data compiled by Bloomberg. HSBC Holdings Plc and Standard Chartered have been the biggest arrangers of loans this year, the data shows.