Oasis pens credit facility deal

Oasis International Leasing Company has signed a US $52.5 million revolving credit facility with a consortium of banks led by HSBC. The facility will be used to provide short to medium term funding for the Abu Dhabi company.

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By  Neil Denslow Published  April 9, 2003

Oasis International Leasing Company has signed a US $52.5 million revolving credit facility with a consortium of banks, led by HSBC. The facility will be used to provide short to medium term funding for the Abu Dhabi based big ticket leasing company.

“This agreement is a significant vote of confidence in Oasis Leasing by a consortium of leading international and regional banks,” said Gordon Dixon, CEO, Oasis Leasing.

“It will enable us to refinance debt maturities, associated with three of our leased aircraft, as well as provide some new money which can be used to further grow our asset base.”

Lead arranger on the transaction is Deutsche VerkehrsBank AG, with Emirates Bank International acting as co-arranger and First Gulf Bank and Persia International Bank as senior lead managers.

“The fact that the facility has been oversubscribed in general syndication demonstrates the support for this important UAE Offsets company in the local and international finance markets,” says Abdul Jalil Yousuf Darwish, vice-chairman, HSBC Bank Middle East.

“With the flexibility that this facility provides, Oasis Leasing will be able to capitalise on opportunities in the leasing market, for the benefit of both the company and its shareholders," he adds.

Oasis Leasing has also announced a substantial increase in its risk adjusted lease book (RALB) – the present value of contracted lease revenues – in 2002. Its year end figures showed that the company had added US $53.2 million to its RALB to reach a total of US $227 million.

The company also recorded revenues of US $53.7 million, which represented a 24% growth rate over the five years since it first began reporting.

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