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
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.”

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020