Guardian Zoujaj International Float Glass Co. LLC (Guardian RAK), a joint venture between Guardian Industries Corp., The National Company for Glass Investments (Zoujaj) of Saudi Arabia and Zamil Group…
Guardian Zoujaj International Float Glass Co. LLC (Guardian RAK), a joint venture between Guardian Industries Corp., The National Company for Glass Investments (Zoujaj) of Saudi Arabia and Zamil Group also of Saudi Arabia, has signed a seven-year USD 100 million loan facility agreement. BNP Paribas, Mashreqbank and SAMBA Financial Group are the MLAs, and Bank of Baroda joins as a Lead Arranger. BNP was the book-runner while Mashreqbank has assumed the role of a Facility Agent and Security Agent. Mashreq“s multi-faceted association with this prestigious financing underlines its deep knowledge of the UAE financial markets as well as its structuring and transaction management capabilities. Guardian RAK will use the loan to part finance its upcoming 700 tons per day float glass manufacturing unit in Ras Al Khaimah. The facility is divided into a term loan component of USD 75 million with the remaining USD 25 million structured as a revolving credit line. Yousef Saleh Abalkhail, Chairman of the Board of Managers of Guardian RAK, complimented the banks for their strong support to the project and informed that construction started at Guardian RAK in mid summer of 2006 and was now 40% complete with the inauguration expected in late summer 2007.