AD Ports signs funding deal worth $2bn with 13 banks – The National

AD Ports signs funding deal worth $2bn with 13 banks – The National

AD Ports Group, the operator of industrial cities and free zones, signed a funding deal worth $2 billion with a syndicate of 13 regional and international banks to strengthen its financial position.

The company secured funding through a general corporate facility agreement, AD Ports said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.

The multi-currency facility includes three tranches amounting to €600 million ($656 million), $620 million and Dh2.86 billion ($778 million) with a tenure of up to two-and-half years. The funding requirement was 3.7 times oversubscribed.