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Standard Chartered Arranges $125m Loan for Lamnalco
DUBAI - The Standard Chartered Bank (SCB), together with Rabobank and ING Wholesale Banking, on Sunday announced a $125 million (Dh456 million) loan facility for Sharjah-based Lamnalco Group.
The SCB acted as structuring bank for the facility, which was lead arranged by the three banks, said a statement.
The loan facility supports Lamnalco Group’s new vessel acquisition programme by arranging the refinancing of a number of vessels in Lamnalco’s existing fleet. A fleet of 15 Anchor Handling Tug Supply vessels (AHTS) is refinanced and the proceeds are used to fund the company’s global vessel acquisition programme.
Although the amount is not much, the timing is very crucial as in the credit crunch time the SCB raised $125 million, said an expert.
Daan Koornneef, Managing Director of the Lamnalco Group, said: “In these testing times, we are very pleased to be able to raise $125 million for our new vessel acquisition programme. Expanding our vessel fleet not only demonstrates the vibrancy of our business in the
Nigel Anton, Managing Director and Head of Shipping Finance, Standard Chartered Bank, said:
“Lamnalco is a long-standing customer of Standard Chartered Bank, and we were very pleased to be able to arrange this structure, which met their key financing requirements - especially in this challenging climate. Transportation finance is core to Standard Chartered Bank’s business and shipping finance is integral to the overall transportation segment; this transaction further demonstrates our commitment to our client base and the shipping industry in the
Lamnalco Group is a global provider of solutions to the marine terminal towage and associated marine service needs of the global oil and gas industry. It is jointly owned by Royal Boskalis Westminster NV, a dredging and maritime infrastructure development company, and Rezayat Group, a privately owned engineering and trading conglomerate.
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