QNB Leads Ship Financing Deal for UASC

QNB has served as the mandated lead arranger and coordinating bank in a term loan facility of US$275 million for financing three ships acquired by United Arab Shipping Company (UASC). The A13 container vessels were built at the Samsung Heavy Industries shipyard in South Korea. The loan deal was signed in Dubai.

The deal was an important cross-border GCC transaction as several other Gulf banks were involved, including Burgan Bank (Kuwait), Qatar’s Commercialbank and Doha Bank as lead arrangers and Al Khaliji as arranger. QNB was also the documentation, facility and security agent besides being the account bank while BNP Paribas (Switzerland) was the structuring bank.
QNB general manager (corporate banking) Abdullah al-Khalifa said, “This facility shows the strategic importance of United Arab Shipping Company. QNB has a long-standing relationship with UASC dating back to 1979. We are pleased to be a strategic partner and act as the mandated lead arranger and coordinating bank in successfully arranging for this milestone cross-border multi-currency transaction in GCC.”- Gulf Times