Abu Dhabi Islamic Bank offers Dh250 million syndicated Islamic financing for ENPI

Abu Dhabi, March 1, 2011 (WAM) - Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, announced yesterday that it had closed Dh250 million syndicated Islamic financing deal for Emirates National Factory for Plastic Industries L.L.C.
(ENPI), the UAE's leading manufacturer of plastic packaging solutions, paper products and technologically-advanced plastic cards. ENPI is majority owned by Qatar First Investment Bank (QFIB).
The financing will be used to expand ENPI's production facilities including the construction of a new plant in Industrial City of Abu Dhabi 1, the purchase of new machinery and equipment and the refinancing of the company's existing conventional debt through Shari'a compliant facilities.
ADIB acted as the Initial Mandated Lead Arranger, Sole Bookrunner and Investment and Security Agent Bank for the deal. Other banks that participated in the financing deal include Al Hilal Bank and Mubadala GE Capital as Lead Arrangers, Al Khalij Commercial Bank (al khaleeji), Ajman Bank and First Gulf Bank as Arrangers.
The Facility was well received by the market and was oversubscribed by more than 30% with strong representation by local and regional banks. - Emirates News Agency, WAM