Drake & Scull International signs off a Loan Financing Deal with a Syndicate of Regional and International Banks

The Company raised a 5-year term loan with a syndicate of banks

Dubai, United Arab Emirates (prHWY.com) November 14, 2012 - [Dubai, 14 November, 2012] Drake & Scull International PJSC (DSI), a regional market leader in integrated design, engineering and construction disciplines of Civil Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Oil and Gas and Rail has signed today a $120 million USD equivalent loan financing split across an AED and USD tranche.

The Company raised a 5-year term loan with a syndicate of banks. Goldman Sachs International ("GSI") acted as Coordinator for the transaction. Emirates NBD Bank PJSC, First Gulf Bank PJSC and HSBC Bank Middle East Limited joined GSI as Co-Bookrunners and Mandated Lead Arrangers and Mashreqbank PSC as a Lead Arranger.

On this occasion Osama Hamdan, CFO of Drake & Scull International PJSC, commented "The loan will help the company in pursuing its growth plans in North Africa, Asia and other growth markets and will provide the liquidity to capitalize on various PPP (Private Public Partnership) projects which usually require participation from contractors in terms of investment, especially in the infrastructure sector. This transaction will allow us to strategically grow the operations, coverage and team of DSI by supporting key new areas of business such as our Oil & Gas, Rail and Asian operations. We will also focus on existing areas that continue to grow in importance globally such as Infrastructure and Water and Power."

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