National Bank of Fujairah spearheads AED 265 million syndication for Pacific Control Systems
Deal further demonstrates Bank’s commitment to supporting expansion plans of customers
The National Bank of Fujairah (NBF) announced that it has closed an AED 265 million syndicated loan for Pacific Control Systems (PCS). The Bank acted as the Mandated Lead Arranger, Bookrunner and Underwriter for the facility.
This is a debut syndicated financing facility for PCS, the leading global provider of ICT enabled services and converged engineering solutions for buildings and infrastructure projects. PCS will use the loan, co-financed by Lead Arrangers Bank of Baroda and Ajman Bank, for the development of a data and disaster recovery centre in Dubai. The centre, one of the largest in the region, will also provide cloud computing services.
NBF CEO Vince Cook said that the successful syndication is evidence of the Bank's position as partner-of-choice for companies venturing into the regional debt capital markets: "That we were entrusted with overseeing PCS's first multilateral deal reflects the customer's confidence in the Bank and our ability to utilise regional banking relationships to our clients' advantage.
"We are pleased to be able to support PCS in its future plans and would also like to thank the participating banks for their support."
PCS Executive Chairman Dilip Rahulan said: "We are proud to introduce the concept of Data Centre Campuses in this region. Pacific Controls has always strived to create new benchmarks in the industry. Our first Data Centre Campus has been certified T3 by the Uptime Institute for sustainability and operational efficiency.
"As a market leader keen on taking this industry to greater heights, we are pleased to find a progressive-minded partner in the form of NBF to support us in our aspirations. We would also like to thank Bank of Baroda and Ajman Bank for demonstrating a high degree of confidence in PCS's management and the company's growth plans."
About National Bank of Fujairah PSC:
Incorporated in 1982, National Bank of Fujairah PSC (NBF) is a full services corporate bank with strong wholesale banking and trade finance expertise. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF's key shareholders include the Government of Fujairah, the Government of Dubai and business pioneer and community leader H.E. Sir Easa Saleh Al Gurg, KCVO, CBE. It is listed on the Abu Dhabi Securities Exchange under the symbol "NBF" and has a branch network of 14 across the UAE.
Corporate Communications Department
Telephone: +971 4 397 1700
Facsimile: +971 4 3972 371