GEMS MENASA (Cayman) Ltd (“Company”), a wholly owned subsidiary of GEMS Menasa Holdings Limited (“GEMS Holdings”), has successfully amended the bank facility it entered into in 2013 to support its continuing investment in the education sector. The AED 3 billion facility has an amortising profile over seven years with Islamic and conventional tranches. The facility replaces the facility first entered into in 2013 and includes a tranche of AED 915 million undrawn but committed funds.
These committed funds, along with internally generated cash from operations will be used for the investment in schools in the UAE and wider MENA region.
Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, FGB, Mashreq Bank, National Bank of Fujairah and Noor Bank were Mandated Lead Arrangers and participated in the facility. Rothschild acted as financial advisor to GEMS Education. Allen & Overy and Morgan, Lewis & Bockius acted as legal advisors for the Company and the bank group respectively.
Sir Michael Peat, Chairman of GEMS Holdings said, “I would like to thank the local banks for their continued support in our quest to meet the vision of the UAE Government in creating a world class education sector and a knowledge based economy. Their support is a strong endorsement of the strength and resilience of the education sector and the UAE economy more broadly. We intend to continue to invest and support education needs in the UAE to meet growing demand and the quality targets set by the local authorities. This new bank facility supports GEMS Education’s expansion plan and our commitment to meet the needs of the sector.”