Arab Petroleum Investments Corporation (APICORP) said it has successfully closed a three-year SR2.5 billion ($667 million) syndicated Shariah-compliant facility from four leading Saudi Arabian banks on competitive market terms. The facility, which is APICORP's debut syndicated Shariah-compliant financing, is aimed at retaining and increasing its medium term funding. APICORP is the multilateral development bank of the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC). The government of Saudi Arabia owns a 17 percent stake in it, according to a report published today by Arab News. Riyad Bank, Al-Rajhi Bank, Banque Saudi Fransi and The Saudi British Bank act as the mandated lead arrangers for the facility, while Riyad Bank will perform the role of Murabaha Facility Agent. The term financing was oversubscribed by the mandated lead arrangers. --MORE
