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

Averda is a waste management firm.
Averda is a waste management firm.

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.”

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