NBF Capital raises AED 1 billion for Pacific Control Systems
Syndication was oversubscribed, validating NBF Capital’s advisory capabilities as well as Pacific Controls’ business model and future prospects
National Bank of Fujairah PJSC (NBF) today announced that NBF Capital Limited has successfully raised AED 1 billion on behalf of Pacific Control Systems LLC. NBF Capital, regulated by the Dubai Financial Services Authority and a fully-owned subsidiary of NBF, acted as the exclusive financial advisor for the syndication.
The deal was originally valued at AED 750 million but was oversubscribed by 33 per cent, receiving AED 1 billion in total commitments. It was underwritten by NBF and Al Khalij Commercial Bank (al khaliji) QSC. Both banks also served as mandated lead arrangers, with NBF also acting as global facility agent for the transaction.
The other participating banks in this transaction are: Al Khaliji France SA, Dubai Islamic Bank, United Arab Bank, National Bank of Oman, Ajman Bank and Sharjah Islamic Bank. Dubai Islamic Bank also served as the investment agent for the syndication.
Pacific Control Systems (Pacific Controls) is a leading provider of information communication technologies (ICT) globally. The company intends to use the deal - which has a tenor of 72 months - to finance its expansion and working capital requirements.
The syndication, a combination of conventional and Islamic financing structures, was Pacific Controls' second syndication over the past three years; its first club deal was facilitated by NBF in 2012, before the formation of NBF Capital. Then, the bank acted as mandated lead arranger, bookrunner and underwriter for the syndication, which amounted to AED 265 million.
NBF Capital's latest transaction follows its "Best Corporate Advisory Service" win at the Banker Middle East UAE Product Awards 2015. Incorporated less than two years ago in the Dubai International Financial Centre, NBF Capital is fast cultivating a reputation as a bespoke corporate advisory player with sectoral expertise in areas from healthcare, precious metals, manufacturing to ICT. It currently has over AED 2.5 billion worth of deals that are closed or in the pipeline.
P.B. Das, Senior Executive Officer of NBF Capital, said: "This latest transaction will further bolster NBF Capital's track record going into 2015. With this achievement, NBF Capital would have completed over USD 250 million in transactions in the first quarter alone, proof of not just the growing demand for tailored, sophisticated financial advisory within this market, but further validation of our ability to support corporates as they embark on the next stage of growth.
"It brings us great pleasure to partner with Pacific Controls as it prepares to play a greater role in the UAE's ongoing transformation into a knowledge based economy. The overwhelming interest that we received for the transaction is not just an endorsement of Pacific Controls' prospects, but a demonstration of the institutional goodwill that can be mustered by NBF Capital on behalf of its clients. I would like to thank the participating banks for their support, and look forward to working with them on new opportunities."
Dilip Rahulan, Executive Chairman at Pacific Control Systems LLC, said: "We would like to thank all the participating banks for their faith in our growth vision. We would also like to thank the NBF Capital team, which successfully closed our maiden syndication in 2012, for spearheading and closing this latest transaction in record time. NBF Capital's professionalism, advice and execution have created significant value to our business. We look forward to leveraging this latest round of support to strengthen our foundations and introduce more products and solutions globally."
Established in 2000, Pacific Controls provides ICT-based engineering and automation solutions as well as data-centres and cloud computing services. It was recently recognised as one of the "50 Most Promising Internet of Things (IoT) Technology Companies" by CIO Review magazine. The company continues to develop innovative technological solutions and promotes sustainable growth across various industries globally.
About NBF Capital Limited
Established in May 2013, NBF Capital Limited is a bespoke financial solutions provider specialising in consultancy and advisory services ranging from loan syndication, mergers and acquisitions, business formation to corporate restructuring. A fully-owned subsidiary of National Bank of Fujairah (NBF), an award-winning, full services corporate bank with a track record spanning over 30 years, NBF Capital is well-positioned to leverage the parent's client relationships, business expertise and local insights to help companies make the best of opportunities within the UAE and beyond.
NBF Capital operates out of the Dubai International Financial Centre. It is regulated by the Dubai Financial Services Authority.
About National Bank of Fujairah PJSC
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking and shariah compliant services.
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, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1/Prime-2 by Moody's and BBB+/A-2 by Standard & Poor's, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol "NBF". It has a branch network of 15 across the UAE.