Syndicated facility to ADES International Holding Limited (EBRD-49638)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 13, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
ADES International Holding Limited
The holder of the loan, grant, or other investment.
Sectors
  • Climate and Environment
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 125.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 695.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 28, 2019

Disclosed by Bank Mar 23, 2018


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Project Description

This financing involves the provision of USD 125 million debt as part of USD 450 million syndicated facility to enable ADES International Holding Limited to expand its offshore and onshore drilling fleet in Egypt and in the Middle East and North Africa ("MENA"). The syndicated facility consists of

  1. A tranche to refinance ADES's existing debt
  2. A working capital tranche and
  3. A CAPEX tranche to finance capital expenditures for acquisition of new rigs or entities and related expenditures in order to execute the Company's expansion plan post the successful IPO.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

ADES is a leading oil and gas drilling and production services provider in MENA region that provides primarily offshore and onshore contract drilling and production services. ADES International Holding ("ADES International") is a limited liability company incorporated in the United Arab Emirates and listed on London Stock Exchange ("LSE"). Advanced Energy Systems SAE ("ADES Egypt") is a joint stock company incorporated in Egypt and wholly owned by ADES International.

Contact Information

Hussein Badawy
ir@adesgroup.com
+2 (0)2 2527 7111
investors.adihgroup.com

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.