Offshore vessel operator Stanford Marine Group has received AED1.2bn (US$326.7mn) from a syndicate of Islamic banks, for the refinancing of existing debt.

Noor Bank acted as initial mandated lead arranger (MLA) and bookrunner, while Qatar Islamic Bank (QIB), Barwa Bank and First Gulf Bank acted as MLAs, and Ajman Bank and United Arab Bank acted as lead arrangers on the murabaha-structured facility.

QIB contributed US$50mn to the shariah-compliant transaction, while the other banks’ contributions have not been disclosed. Proceeds will be used for general corporate purposes and to refinance existing facilities.

QIB assistant general manager of the wholesale banking group Saeed Al Khayareen says: “QIB’s participation in this key financing deal is part of our strategy that focuses on seizing investment opportunities available in the region. As Islamic banks, this syndication will foster co-operation between our institutions to strive to provide Islamic financing solutions to fulfil the needs of major companies in the Gulf, such as Stanford Marine.”

Law firm HFW advised Stanford Marine on the syndication.

Stanford Marine owns and operates offshore vessels in the Arabian Gulf, Southeast Asia, India and Africa.