Bank Audi closes mult-currency cement bridge loan

Mandated lead arranger Bank Audi sal - Audi Saradar Group, has closed a US$380mn syndicated multi-currency bridge facility for the Syrian Cement Company, a subsidiary Lafarge.

The facility will be used to finance the setup of a greenfield cement plant near Aleppo, with a production capacity of 2.9mn tons per year.

The deal is thought to be one of the largest private financing deals in Syria. Given this achievement, Bassel Hamwi, deputy chairman and general manager of Bank Audi remarks: “It clearly demonstrates the ability of the Syrian private sector to play a leading role in the growth of the country’s economy.”

A total of 13 international and regional banks joined the facility during syndication. These include Commercial International Bank in Egypt; Danske Bank, Byblos Bank in Lebanon; Banque Bemo; Housing Bank for Trading & Finance in Syria; IBL Bank in Lebanon, Ahli United Bank, Syria Gulf Bank, Byblos Bank Syria, and Banque Bemo Saudi Fransi –Syria. A further two banks within the Audi Saradar Group, Bank Audi Syria and Bank Audi Saradar France, also joined.

Bank Audi sal – Audi Saradar Group is the top bank in Lebanon, and ranks as one of the 25 largest banking groups in the Middle East.