Bapco Energies extends $2.2 bn Sustainability-linked Murabaha

TDT | Manama                                                   

The Daily Tribune – www.newsofbahrain.com

Bapco Energies has announced the successful conclusion of its $2.2 billion dual-tranche Sustainability-linked Term facility, with an additional $300 million green shoe option exercised, elevating the total facility size to $2.5 billion.

The transaction was unveiled in a signing ceremony attended by top figures, including Mark Thomas, CEO of Bapco Energies’ Group; Khaled Abbas, Banking Head of Gulf International Bank’s (GIB) Group Wholesale; Tarek El Nahas, Head of International Banking at Mashreq Group, and Peter De Swar, Executive Manager, Head of NPC & MNCs at Ahli Bank of Kuwait’s (ABK).

Acting as the Initial Mandated Lead Arrangers, Bookrunners, and Sustainability Coordinators, Gulf International Bank and Mashreq played pivotal roles.

They, along with Al Ahli Bank of Kuwait (ABK), also served as the amend and restate exercise Coordinators and Underwriters. Gulf International Bank took on additional responsibilities as the Facility Agent, Global Agent, and Murabaha Investment Agent.

The Sustainability-linked Facility, initially introduced in May 2022 and acknowledged with multiple international awards, garnered strong participation from 19 conventional and Islamic financial institutions spanning Bahrain, Saudi Arabia, the United Arab Emirates, and Kuwait.

The maturity date under the amended and restated facility has been extended from 2026 to 2030.