BGN Secures $232 Million Financing from UAE Banks
Deal News | Feb 20, 2025 | Zawya
In a significant financial development, the Abu Dhabi Exports Office (ADEX) alongside a syndicate of UAE banks, led by First Abu Dhabi Bank (FAB), have expanded their financial backing for energy trading company BGN to $232.5 million. Initially set at $100 million, the revolving credit facility has been more than doubled due to high demand. This facility is designed to bolster BGN's procurement of energy commodities for export from the UAE. Other banks participating in the syndicate include Abu Dhabi Commercial Bank, National Bank of Fujairah, Commercial Bank of Dubai, Mashreqbank, Arab Bank, National Bank of Ras Al Khaimah, Emirates NBD, and Ajman Bank.
Sectors
- Banking
- Energy Trading
- Export Finance
Geography
- United Arab Emirates – The transaction involves multiple banks based in the UAE and pertains to the export of commodities from the UAE.
Industry
- Banking – The article involves several UAE banks, highlighting their role in providing a significant financing facility.
- Energy Trading – BGN, the recipient of the financing, operates in the energy trading sector.
- Export Finance – The financing arrangement supports the export of energy commodities procured by BGN.
Financials
- $232.5 million – The total amount of the revolving credit facility provided to BGN, which was increased from its original $100 million.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| BGN | Target | Company | A global energy trading company receiving financing to support procurement and export of energy commodities. |
| First Abu Dhabi Bank (FAB) | Leading Bank in Syndicate | Company | The leading bank in a syndicate providing financing to BGN. |
| Abu Dhabi Exports Office (ADEX) | Financial Supporter | Government | A government entity involved in expanding the financing arrangement for BGN. |
| Abu Dhabi Commercial Bank | Participant Bank in Syndicate | Company | One of the UAE banks in the syndicate financing BGN. |
| National Bank of Fujairah | Participant Bank in Syndicate | Company | One of the UAE banks in the syndicate financing BGN. |
| Commercial Bank of Dubai | Participant Bank in Syndicate | Company | One of the UAE banks in the syndicate financing BGN. |
| Mashreqbank | Participant Bank in Syndicate | Company | One of the UAE banks in the syndicate financing BGN. |
| Arab Bank | Participant Bank in Syndicate | Company | One of the UAE banks in the syndicate financing BGN. |
| National Bank of Ras Al Khaimah | Participant Bank in Syndicate | Company | One of the UAE banks in the syndicate financing BGN. |
| Emirates NBD | Participant Bank in Syndicate | Company | One of the UAE banks in the syndicate financing BGN. |
| Ajman Bank | Participant Bank in Syndicate | Company | One of the UAE banks in the syndicate financing BGN. |