Wednesday, November 29, 2017

Unatarac wins $275m funding for MEA expansion

Unatrac Holding Limited, an exclusive Caterpillar dealer for Iraq, said it has secured a $275-million credit package comprising a $225-million five year revolving credit facility, alongwith a $125-million accordion option and a $50-million one-year short term facility.

The company is a wholly-owned unit of Egypt-based Mansour Group, one of the largest privately-owned conglomerates in the Middle East and Africa (MEA) region.

The facility, arranged by Barclays Bank and JP Morgan Securities, who acted as joint global co-ordinators, bookrunners and mandated lead arrangers, received significant interest resulting in the syndication closing oversubscribed.

The fund will be used by Unatrac to boost its growth opportunities in the Middle East and Africa region and for strategic global expansion, said the company in a statement.

One of the leading Caterpillar dealers globally, Unatrac has been ranked consistently amongst the Top 3 in the MEA region. The company has exclusive dealership rights in nine countries across Africa, the Middle East and Russia, and an export sales office in the UK.

Besides Iraq, Unatrac is also the exclusive Caterpillar dealer in Ghana, Kenya, Liberia, Nigeria, Russia, Sierra Leone, Tanzania and Uganda.

The mandated lead arrangers are Abu Dhabi Commercial Bank, Caterpillar Financial Services (Dubai) Limited, Citi, Commercial Bank of Dubai, First Abu Dhabi Bank and The Standard Bank of South Africa Limited.

The transaction has been advised by Man Capital, the investment arm of the Mansour Group.-TradeArabia News Service

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