ANZ Investment Bank, has signed an export credit financing package for the Saudi Iron & Steel Company (Hadeed) expansion project in Jubail in Bahrain. ANZ was appointed as mandated lead arranger by Hadeed for the financing package, which totals the US$ equivalent of over €350mn.

Financing for the offshore portion of the contract was structured as a multisourced export credit package. Three export credit agencies are providing cover for separate multi-tranche debt facilities: OeKB of Austria; Euler Hermes of Germany; and Sace of Italy.

In addition, Hermes and Sace are providing reinsurance to OeKB in respect of a part of each of the tranches covered by the Austrian ECA.

OeKB, Hermes and Sace are providing cover in respect of various contracts signed between Hadeed and Voest-Alpine, SMS Demag, Siemens and a division of Danieli & C Officine Meccaniche.

These contracts will provide Hadeed with a new direct reduction plant, an expansion of the steel plant, enhancements and expansion to the hot mill area and a new wire rod and rebar rolling mill.