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- Ittihad International Investment has secured a $450 million sustainability-linked revolving credit facility (RCF) from local banks.
- The facility includes two tranches: $225M for corporate use and $225M for working capital replacement and liquidity.
- The deal enhances Ittihad’s credit rating and supports its $1.4 billion investment portfolio across multiple sectors.
Abu Dhabi-based Ittihad International Investment has arranged a $450 million sustainability-linked RCF with local banks, bolstering its financial flexibility.
The facility is backed by key financial institutions, with Emirates NBD, Commercial Bank of Dubai, and First Abu Dhabi Bank acting as mandated lead arrangers and bookrunners (MLABs). Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Emirates Islamic joined as joint arrangers.
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Structure & Purpose
- The five-year senior unsecured RCF includes a three-year commitment and two one-year extensions at the banks’ discretion.
- An accordion feature allows for an increase in facility size if needed.
- The first $225M tranche covers general corporate purposes and replaces an existing undrawn RCF of $105M.
- The second $225M tranche will replace short-term working capital facilities—$145M to settle outstanding debt and $80M for additional liquidity.
Strategic Impact
CFO Zahi Abu Hamze emphasized that the facility strengthens Ittihad’s financial position and contributes to an improved credit rating.
Ittihad, a private investment conglomerate, has a $1.4 billion portfolio spanning industrial manufacturing, infrastructure, building materials, business services, and healthcare.
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