Shuaa Capital completes AED 1.13 billion debt buyout of Dubai-based Stanford Marine Group

  • Date: 10-Jan-2021
  • Source: Arabian Business
  • Sector:Financial Markets
  • Country:UAE
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Shuaa Capital completes AED 1.13 billion debt buyout of Dubai-based Stanford Marine Group

Shuaa Capital announced on Sunday its successful debt buyout of Stanford Marine Group's AED 1.13 billion ($308 million) facility, a company which charters, builds and repairs offshore support vessels for the oil and gas industry.

The asset management and investment banking platform had been working since 2019 with SMG's lending syndicate and their advisors to arrive at a buyout deal that would meet all parties' objectives and strengthen SMG's liquidity position.

“Despite the COVID-19 lockdowns last year, we continued to lead discussions with the SMG lenders' advisors and worked collaboratively to reflect the changing needs of the consortium while finding a viable solution that worked in the best interest of all parties involved,” said Jassim Alseddiqi, CEO of Shuaa Capital.

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Following the debt buyout, SMG, a company with a focus on chartering, building and repairing offshore support vessels for the oil and gas industry, is poised for growth. The restructuring transaction has helped save more than 1,800 jobs, and annual exports of close to AED 73,464 ($20 million) worth of UAE-produced vessels.

“We are proud to have achieved so much with this deal;