Abu Dhabi's offshore marine services company ZMI Holdings said on Tuesday it had signed and closed a new senior secured financing facility of up to $500 million.
It will help ZMI invest further in its growth markets, and provide committed and uncommitted facilities that can be used to make additional acquisitions and capital expenditure, the company said in a statement.
The facility consisted of a number of debt instruments, including a bridge facility provided by Goldman Sachs, alongside senior syndicated facilities provided on both conventional and Islamic Ijara financing basis.
The syndicate includes multiple regional and UAE lenders.
The deal would allow for the consolidation of the group's liabilities through refinancing of seven bilateral facilities and leases into one security pool, ZMI said.
ZMI Holdings is an services and solutions owner and operator of a purpose-built fleet of jack-up barges and complementary offshore supply vessels and subsea services. --Reuters