Bumi Armada Subsidiary Finds Domestic Support

Armada Marine Contractors Caspian has inked a USD 238 milion eight year term loan with six domestic financial institutions in Malaysia. The loan is guaranteed by Bumi Armanda, Malaysia’s largest owner and operator of offshore vessels. Mandated lead arrangers include OCBC Bank (Malaysia), RHB Investment Bank, CIMB Investment Bank, Malayan Banking, AmInvestment Bank and Al-Rajhi Banking & Investment Corp (Malaysia).

Last August, Bumi Armada found similar success with its FPSO (floating, production, storage and offloading vessel) project financing despite the challenging market conditions. The company secured a five year USD 190 million limited recourse loan facility with 7 lenders, comprising Sumitomo Mitsui Banking Corporation (“SMBC”), Bance UBAE S.P.a, Australian and New Zealand Banking Group, ABN AMRO Bank, WestLB, Malayan Banking and Standard Chartered Bank. The funding commitments were scaled back from an initial USD 260 million but an interesting aspect was that SACE, the Italian Export Credit Agency (“ECA”) provided guarantee for the USD 100 million ECA tranche. SMBC acted as structuring bank, documentation bank and SACE coordinator in this transaction.

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