Citi advises Averda on extension of $181m term loan in Dubai
Nine international and regional banks, including HSBC, Standard Chartered, and Bank ABC Islamic participated in the transaction
Waste management company Averda has completed the extension of its banking facility in Dubai in a loan deal worth $181m as part of its growth strategy, with the development to allow Averda to continue to optimise its capital structure after operating income and margins experienced double-digit year-on-year growth.
The term loan is a senior secured amortising facility with a final maturity in December 2023.
Citi acted as the sole coordinator on the financing, and nine international and regional banks – Bank ABC Islamic, Barclays, Citi, Credit Suisse, First Abu Dhabi Bank, HSBC, Intesa Sanpaolo, Natixis, and Standard Chartered Bank – participated in the transaction.
Commenting on the development, Averda’s chief financial officer, Samir Sharma, said: “Averda has grown from a single-country operator to one of the region’s largest and most diversified environmental services providers, operating in eight countries across two continents, with a leading market position and high barriers to entry.
“Our growth strategy combines organic and inorganic expansion and an increased focus on technology driven services, including waste-to-energy. The extended facility gives us an enhanced platform from which to drive that strategy forward.”