FINANCIAL NEWS

Saudi’s Guidance to arrange USD50m credit for Al-khodari

02 Feb 2015

(MENAFN) Guidance Capital Markets (DIFC) Ltd. (Guidance) has arranged USD50 million of offshore, Islamic credit facilities for Abdullah A. M. Al-khodari Sons Company, claimed to be the largest listed contracting company in Saudi Arabia, from a bank based in Abu Dhabi. This follows a related earlier company announcement on Saudi bourse, Arab News reported.

Guidance acted as the sole arranger and Shariah structuring advisor to the company for the Murabaha facilities, which carry a three-year term, and will be used for issuance of performance bonds and meeting capex requirements of one of Al-khodari’s construction projects.

The facilities mark Al-khodari’s bespoke cross border term financing facility from a GCC-based bank. This is yet another unique transaction structured and arranged by Guidance for a Saudi construction and contracting company. Earlier, Guidance structured and arranged the first Malaysian Ringgit denominated sukuk program for a Saudi corporate, which carried a 10-year tenor, and under which the borrower has issued two separate tranches.

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