The Housing Bank for Trade and Finance "HBTF" along with the a number of Jordanian banks and financial institutions announced the successful signing of a USD 120 million Syndicated Term Loan Facility Agreements to "Jordanian Egyptian Fajr for Natural Gas Transmission & Supply Co. Ltd" in order to fulfill its various financing needs.
The Loan Agreements have been signed by HBTF as the lead arranger and agent, as well as the participant banks and financial institutions; which are: Housing Bank for Trade and Finance, Social Security Investment Fund, Bank Audi S.A.L. – Jordan Branches, Capital Bank of Jordan, Cairo Amman Bank, Arab Jordan Investment Bank, National Bank of Abu Dhabi, Societe General Bank- Jordan, and on behalf of "Jordanian Egyptian Fajr For Natural Gas Transmission & Supply Co. Ltd"; the CEO Eng. Fouad Rashad.
As per the Agreements funding will coincide with the commencement of the pumping process of the Liquefied Natural Gas "LNG" through Aqaba port, which is then transformed into natural gas and transmitted through the pipelines of "Jordanian Egyptian Fajr For Natural Gas Transmission & Supply Co. Ltd" to power plants in the Kingdom.
The signing ceremony was attended by the CEO and board members of the "Jordanian Egyptian Fajr For Natural Gas Transmission & Supply Co. Ltd" in addition to representatives of the participating banks and financial institutions. The General Manager of Housing Bank Mr. Omar Malhas welcomed everyone and praised the strong long-term relationship between Jordanian Egyptian Fajr and the Housing Bank, he then expressed HBTF's gratitude to the participating banks and financial institutions for their cooperation and wished the company continued success in its future endeavors.
Moreover, Eng. Fouad Rashad expressed his appreciation to the Housing Bank, praised the high level of professionalism and thanked all the participating banks and financial institutions for their trust in the Company, hoping for continued future cooperation between the parties to achieve common goals.
It is worth mentioning that the Syndication was oversubscribed by almost twice the amount which portrays the solid financing structure and the importance of the loan.
Signing this agreement comes as a culmination of the good relationship between the Housing Bank and the Company, and stresses the role of the Housing Bank in cooperating with other banks and financial institutions to support the national economy through providing financing and support to key economic sectors such as energy related companies that are witnessing significant developments and challenges.