Saudi- APICORP participates in 200m NPS refinancing deal
(MENAFN- Arab News) The Arab Petroleum Investments Corporation (APICORP) an investment company focused on the energy sector in the Arab world has participated in a $200 million refinancing arrangement for National Petroleum Services Group (NPS) in conjunction with HSBC Emirates NBD and Al Hilal Bank. The refinancing was for a $150 million fixed rate Islamic facility and a working capital facility of $50 million.
NPS is one of the largest regionally owned oil and gas providers in the Middle East delivering drilling customized well services and support to customers across the MENA and Southeast Asia. Its operations include well services wireline logging well testing and integrated drilling. NPS employs around 1500 people and operates in 12 countries.
This announcement marks another important milestone in NPS' growth trajectory. In April 2014 the company was acquired by a consortium of investors led by sovereign-backed investment firm Fajr Capital and comprising APICORP Waha Capital and other regional institutional investors.
Commenting on the deal Ahmad Al-Nuaimi CEO of APICORP said: 'We are delighted to have played a significant role in financing the growth plans of NPS which is an international market leader in the oil and gas servicing sector. APICORP has considerable experience gained over 40 years in providing equity and debt financing to companies operating in the energy sector including some of the world's largest businesses. We have a substantial balance sheet and a quality loan book of around $ 3 billion all of which is dedicated to the energy sector.'
He added: 'APICORP is a value adding partner of choice for businesses in the region. We can provide considerable assistance to companies through our two-pronged approach of equity investment and debt financing. This capability makes us one of the sector's strongest and most robust financial institutions in the MENA region.'
Adnan Ghabris CEO of NPS Group added: "Through this financing deal NPS will raise additional resources to fund its continued growth.
On the strength of its new shareholders and financial track record we will be able to attract many major financiers in the region. We are pleased to have concluded this facility with a club of financial institutions that includes HSBC Al Hilal APICORP and Emirates NBD. The facility will fuel NPS' growth over the next five years by providing secure long-term financing at attractive rates and a flexible working capital facility."
Ahmad Abdelaal regional head of corporate banking and structured finance HSBC Middle East and North Africa said: "We are proud of working with NPS as a global coordinator mandated lead arranger and financier for its refinancing arrangement. Through this deal NPS will be able to accelerate the expansion of its growing regional footprint. It also demonstrates our strong commitment to building long-term relationships and delivering strategic financing to our prime corporates."
NPS is one of the largest regionally owned oil and gas providers in the Middle East delivering drilling customized well services and support to customers across the MENA and Southeast Asia. Its operations include well services wireline logging well testing and integrated drilling. NPS employs around 1500 people and operates in 12 countries.
This announcement marks another important milestone in NPS' growth trajectory. In April 2014 the company was acquired by a consortium of investors led by sovereign-backed investment firm Fajr Capital and comprising APICORP Waha Capital and other regional institutional investors.
Commenting on the deal Ahmad Al-Nuaimi CEO of APICORP said: 'We are delighted to have played a significant role in financing the growth plans of NPS which is an international market leader in the oil and gas servicing sector. APICORP has considerable experience gained over 40 years in providing equity and debt financing to companies operating in the energy sector including some of the world's largest businesses. We have a substantial balance sheet and a quality loan book of around $ 3 billion all of which is dedicated to the energy sector.'
He added: 'APICORP is a value adding partner of choice for businesses in the region. We can provide considerable assistance to companies through our two-pronged approach of equity investment and debt financing. This capability makes us one of the sector's strongest and most robust financial institutions in the MENA region.'
Adnan Ghabris CEO of NPS Group added: "Through this financing deal NPS will raise additional resources to fund its continued growth.
On the strength of its new shareholders and financial track record we will be able to attract many major financiers in the region. We are pleased to have concluded this facility with a club of financial institutions that includes HSBC Al Hilal APICORP and Emirates NBD. The facility will fuel NPS' growth over the next five years by providing secure long-term financing at attractive rates and a flexible working capital facility."
Ahmad Abdelaal regional head of corporate banking and structured finance HSBC Middle East and North Africa said: "We are proud of working with NPS as a global coordinator mandated lead arranger and financier for its refinancing arrangement. Through this deal NPS will be able to accelerate the expansion of its growing regional footprint. It also demonstrates our strong commitment to building long-term relationships and delivering strategic financing to our prime corporates."
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