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A subsidiary of the Abu Dhabi-listed Agility Global PLC has signed a credit facility agreement with several regional and international banks for approximately $1.4 billion.
The facility, consisting of 1 billion Euros ($1.04 billion) and $370 million, has maturities of three years and five years.
Agility Global said the new credit facility will be used to fund ongoing operations and future growth, as well as settle outstanding liabilities, including inter-company balances.
As part of the refinancing, Agility Global and its subsidiaries will also enter into various uncommitted credit lines with relationship banks in order to manage ongoing business operations in the ordinary course of business.
This can include issuing trade guarantees, executing foreign exchange and interest hedging as well as other cash management related lines such as short-term overdrafts.
Agility Global, which is 51% owned by Kuwait-listed Agility Public Warehousing Company, said there is no change in the liabilities because of this agreement.
(Writing by Bindu Rai)
