Tracker Updates for Ad Dur

01 Jul 2009

Wed, 01 Jul 2009 00:00:00

The project is on course to reach financial close during the week beginning 19 July. The $1.567 billion 8-year debt package will be split between a $1.05 billion international tranche, a $288.5 million Islamic tranche and a $229 million facility…

01 Jun 2009

Mon, 01 Jun 2009 00:00:00

The $1.7 billion “mini-perm” financing was set to close on June 12, after three more banks committed to the project in late May with a further two still awaiting credit approval. Arab National Bank joined the banks already in on the US$1.2bn…

01 May 2009

Fri, 01 May 2009 00:00:00

The $1.7 billion debt package for the project is still on schedule to achieve financial close by the end of May. Arrangers Calyon, Standard Chartered and Mashreqbank had secured commitments for $1.4 billion by 10 May, and were expecting another five…

01 Apr 2009

Wed, 01 Apr 2009 00:00:00

The project is set to close its $1.7 billion “mini-perm” financing by the end of May, despite a delay in securing all the commitments needed for the $1.2 billion element of the package coming from international banks. By mid-April, arrangers…

01 Mar 2009

Sun, 01 Mar 2009 00:00:00

The deadline for financial close has been revised to 31 May. A number of international banks have made commitments; these totalled $800 million by 9th March (see story p20). The three MLAs, which are arranging $1.7 billion of debt in total, are…

01 Jan 2009

Thu, 01 Jan 2009 00:00:00

Mandated lead arrangers Calyon, Standard Chartered and Mashreqbank launched a $1.7 billion debt package for the project in mid-January. The package comprises a $1.2 billion loan from international commercial banks, a $200 million direct loan from US…

01 Dec 2008

Mon, 01 Dec 2008 00:00:00

The Electricity and Water Authority has rejected a request from the project developers, GdF-Suez Energy International and GIC, for a tariff increase to cover the higher cost of financing the project in the current financial environment. GdF-Suez and…

01 Sep 2008

Mon, 01 Sep 2008 00:00:00

GdF Suez Energy International and GIC signed a contract on 28 August to develop the 218,000m3/d (48MIGD) and 1234MW Ad Dur project in Manama. The winning consortium beat off competition from a rival consortium of ACWA Power & Kepco. The winning…

01 Aug 2008

Fri, 01 Aug 2008 00:00:00

A consortium of GdF Suez Energy International and GIC (Gulf Investment Corporation) has been awarded preferred bidder status by the Ministry of Finance. The Ministry originally received two technical bids on 4th June. The rival bid was made by a…

16 Jun 2008

Mon, 16 Jun 2008 00:00:00

Two technical bids were received on 4th June. The first is from a consortium of Suez Energy International and GIC (Gulf Investment Corporation); the second is from ACWA Power Projects with KEPCO (Korea Electric Power Corp). The SEI/GIC bid will use…