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AD Ports Group has refinanced and upsized its existing revolving credit facility (RCF) from $1 billion to $2.125 billion, equivalent in AED and USD tranches.
The company said the move will improve interest margins and extend the maturity of the RCF from 2026 to 2028, with an option to extend further until 2030.
The new facility has been oversubscribed 2.5 times the facility amount, garnering interest from local, regional and international banks.
The move broadens the Abu Dhabi-listed ports operator’s banking pool from nine to 18 banks, which it said enhances its financial flexibility.
Group CFO Martin Aarup said the refinancing will support short and medium-term growth objectives.
AD Ports is rated AA- with a stable outlook by Fitch and A1 with a stable outlook by Moody’s Ratings.
(Writing by Bindu Rai, editing by Imogen Lillywhite)
