Last Updated : 29-08-2014 15:24

 

 
 

UAE banks arrange $175m financing for SL

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UAE banks have arranged an Islamic structured facility of $175 million (Dh642 million) for the state-owned carrier Sri Lankan Airlines.

Abu Dhabi Islamic Bank (Adib), Al Hilal Bank, Mashreq Al Islami, Noor Islamic Bank and United Bank Limited arranged the facility as Mandated Lead Arrangers and Bookrunners The facility structure is as per Islamic Shariah principles and was subscribed in US dollar and UAE dirhams.

Mashreq Al Islami acted as the Coordinating Bank.

For Sri Lankan Airlines, this financing marks their debut in the international syndicated loan market. The facility is repayable over a period of four years from assigned ring-fenced cash flows with suitable credit enhancements.

The signing ceremony took place in Colombo and was attended by senior management of SriLankan Airlines, some Board members and senior representatives from the Banks.

John Iossifidis, Head of International Banking Group, at Mashreq said, "The successful closure of this transaction is clear evidence of the growing acceptance of Sri Lanka credit story in international markets".

He emphasized the growing importance of Sri Lanka in the region and how Mashreq, in conjunction with its other key partner banks, have been instrumental in closing the facility despite the difficult global liquidity conditions continuing.

He said: "Sri Lanka is a key strategic market for Mashreq and we are committed to working alongside our core relationship clients, to explore different forms of capital raising." (Emirates24/7)

 
 

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Comments 

 
-2+32 # Hamlet 2012-07-02 05:19
Another Day, Another debt!
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-1+14 # Nodrog 2012-07-02 12:48
oh...more money to squander. Goody good.
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-2+50 # Silva 2012-07-02 07:49
Hooray, now we can buy more gold rolexes !
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-10+22 # jayantha 2012-07-02 07:54
Another hight rated intrest loan to Sri Lanka . Who is going to pay back for this ?
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-26+15 # Truth 2012-07-02 10:05
If you don't know keep quite. This is a no interest loan. However another loan.
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-0+3 # Ajith 2012-07-03 09:16
Yes, it would be no interest loan..But definitely it would be a profit sharing loan, thats how they were work....No one gives you loan, without benefits...names and terms vary.......
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-2+27 # Lal.Fernando. 2012-07-02 08:41
Well more money paly arouind with to corrupt politicos and so called executives.
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-2+15 # lk 2012-07-02 09:21
does this means that we have to pay NO interest?
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-9+20 # Truth 2012-07-02 10:04
Yes no interest. Only profit or loss sharing
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-7+19 # Dadoriya 2012-07-02 10:43
Ha, the end of the bank.
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-0+2 # Hussain 2012-07-03 11:21
Who told you about loss sharing? These loans are profit sharing,if there is a loss it has to be made good.
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-3+16 # Dadoriya 2012-07-02 10:23
A loan from a bank and no interest, that should be nice.
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-2+18 # Dadoriya 2012-07-02 09:41
Ran through the leading international lending institutions, the leading international backs and now to the Middle East. I thought Sri Lanka was planing to bail out the US and the EU.
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-2+37 # Dadoriya 2012-07-02 10:20
An airline that was making a profit under the management of Emirates. Now a loss making institution. The reason, bad management by political stooges and direct political interference.
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-6+13 # Noor 2012-07-02 10:56
This not in fact a loan, this is sharing of the profit and losses.
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-3+8 # Fernando K.i.S 2012-07-02 11:05
what a wonder of asia
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-4+21 # mohamed007 2012-07-02 12:36
when srilankan was under Dubai's Emirates it was a leading airline at par with all the leading airlines but now not only making lose but also the reputation damaged
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