Addis Holding secures USD3B in financing to support expansion plans
Date
7/15/2024 5:51:04 AM
(MENAFN) Addis Holding, based in Al Khobar, Saudi Arabia, announced on Sunday that it has successfully amended an existing syndicated facility and secured an additional financing package totaling USD3 billion. This initiative was achieved with the participation of both existing and new lenders, signifying a strong vote of confidence in Addis Holding's growth prospects.
According to a statement released to the Saudi Stock Exchange, the purpose of this substantial financing is to provide ample support for the company's ambitious expansion strategies. The newly secured financing is structured into two main tranches: a USD2.7 billion capital expenditure contingencies tranche and a USD300 million revolving credit facility tranche.
The financing consortium includes prominent financial institutions such as Saudi First Bank, Riyadh Bank, Al Rajhi Banking Corporation, Arab National Bank, National Commercial Bank, Alinma Bank, Banque Saudi Fransi, Bank Aljazira, Arab Petroleum Investments Corporation (APICORP), and Commercial Bank of Dubai.
Addis Holding specializes in offshore and onshore drilling operations across the Middle East, North Africa, and India. The additional financing will significantly bolster its capabilities to undertake and sustain its extensive operational plans, further solidifying its position as a key player in the regional energy sector.
This strategic move underscores Addis Holding's commitment to capitalizing on growth opportunities in the dynamic energy market while reinforcing its financial resilience to navigate future challenges effectively.
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