NBF Capital raises $272m for Pacific Controls
The ICT-based engineering and automation service company with utilise the funds to fuel expansion and cover working capital requirements
NBF Capital Limited, a fully-owned subsidiary of National Bank of Fujairah, has announced that it has successful raised $272mn (AED 1bn) for Pacific Control Systems (Pacific Controls).
Focused in data-centre and cloud computing services, Pacific Controls will use the deal to finance plans for expansion, as well as meeting its working capital requirements. The agreement has a tenor of 72 months.
Originally valued at $204mn (AED 750mn), the deal which was underwritten by NBF and Al Khalij Commercial Bank QSC, was oversubscribed by 33%. Other participating banks included Al Khaliji France SA, Dubai Islamic Bank, United Arab Bank, National Bank of Oman, Ajman Bank and Sharjah Islamic Bank.
P.B. Das, senior executive officer of NBF Capital, said: “With this achievement, NBF Capital would have completed over $250mn in transactions in the first quarter alone, proof of not just the growing demand for tailored, sophisticated financial advisory within this market, but further validation of our ability to support corporates as they embark on the next stage of growth.”
Commenting on the deal, Dilip Rahulan, executive chairman of Pacific Control Systems, added: “We would like to thank the NBF Capital team, which successfully closed our maiden syndication in 2012, for spearheading and closing this latest transaction in record time…We look forward to leveraging this latest round of support to strengthen our foundations and introduce more products and solutions globally.”