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Oasis completes $110m term loan facility

DUBAI — Oasis International Leasing Company P.J.S.C., the Abu Dhabi - based big ticket leasing company, has completed a US$110 million syndicated term loan and revolving credit transaction which was supported by a team of leading banks. HSBC Bank Plc acted as the ‘Mandated Lead Arranger’ and sole ‘Bookrunner’ for the facility, which is the first unsecured loan financing Oasis International Leasing has undertaken.

The banking syndicate for the deal comprised HSBC Bank Plc and Abu Dhabi’s First Gulf Bank acting as Mandated Lead Arrangers; Arab Banking Corporation BSC and National Bank of Dubai PJSC acting as Arrangers and Arab Bank Plc, Commercial Bank of Qatar SAQ, Emirates Bank International PJSC acting as Lead Arrangers.

“This facility is a key milestone for Oasis and represents an important step in the evolution of our business. It will give Oasis additional flexibility in structuring transactions going forward,” said Gordon Dixon, CEO, Oasis Leasing. “We appreciate the faith that the banks have shown in the company’s business and growth prospects,” said Sridhar Srinivasan, Financial Operations Manager, Oasis Leasing.

Following an original launch amount of US$100 million, the syndication achieved an over-subscription and Oasis elected to increase the facility to US$110 million.

“Oasis International Leasing’s asset portfolio has strong growth prospects and we are happy to facilitate loan and credit facilities to the company to help sustain its business growth, “ said Richard Oliver, HSBC Bank plc, on behalf of the banking syndicate. Oasis’s principal business is to identify, structure, manage and invest in high value leasing transactions, primarily in the aviation and maritime sectors.

It also tries to assess and pursue opportunities in other industry sectors and as part of this ongoing effort the company bought a stake in the Industrial City Cooling Company (ICCC) in UAE, which owns two cooling plants worth approximately Dh80 million. This marked Oasis’ first move into the infrastructure sector.

The company recently concluded an Dh800 million Rights Issue, which was oversubscribed byDh 220 million, increasing its paid up capital to Dh1.5 billion.