Nogaholding, SACE sign $300m Push Facility

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The Oil and Gas Holding Company (nogaholding), has signed a $300m Push Facility with the Italian Export Credit Agency (SACE), for financial support on key energy projects.

The financing, arranged by HSBC and guaranteed by SACE, is structured as a Sustainability-Linked Loan, under which nogaholding commits to preagreed sustainability objectives.

As per the deal, SACE will establish a $300 million Push Facility for nogaholding.

The 10- year financing aims to increase business opportunities for Italian exporters, strengthening SACE’s positioning in a strategic area for Italian exports.

The Push Strategy primarily targets local counterparts of Italian exporters - selected and leading foreign buyers - and provides access to medium to long-term financing, guaranteed by SACE, to support their investment and growth plans.

nogaholding Group Chief Executive Officer Mark Thomas and SACE Chief Executive Officer Alessandra Ricci signed the deal at SACE’s headquarters in Rome.

Mark Thomas said: “Through this Sustainability-Linked facility, we will be able to accelerate our efforts toward sustainable economic growth that aligns with the Kingdom’s energy demands while adhering to decarbonization commitments.”

HSBC Bank Middle East Limited has been appointed as the ECA Coordinator, sole Structuring Bank, and Sustainability Coordinator.

Latham and Watkins LLP have acted as nogaholding legal counsel overseeing the transaction, while Watson Farley and Williams acted for the lenders and the ECA.