Unatrac Holding Limited (Unatrac), one
of the largest dealers of Caterpillar Inc. (CAT) machinery, said it has
successfully signed a new $700 million syndicated three year revolving
credit facility.
A major provider of construction and mining equipment, diesel and
natural gas engines, material handling equipment, Unatrac said the funds
will be used to finance working capital requirements and refinance
existing debt facilities while supporting operational growth for the
next three years.
Barclays Banks, Citi, and JPMorgan Limited acted as joint global coordinators and bookrunners for the facility.
Unatrac is one of the largest Caterpillar dealers globally with
exclusive dealership rights in eight countries across Africa, the Middle
East, and several regions in Russia, in addition to an export sales
office in the United Kingdom.
Unatrac is 100 per cent owned by the Mansour family, founders of one of
the largest privately-owned conglomerates in the Mena region. The
Mansour Group employs more than 42,000 professionals, with operations
that span several industry sectors including automotive, consumer goods,
retail, logistics, industrial equipment, and capital markets. Unatrac
currently employs more than 2,500 people.
“These funds will allow us to continue to expand our operations and
build the business to meet the growing demand in our markets. As we
build for the future, we will continue to focus on our core family
values, with our key asset being our people,” said Mohamed Mansour, the
chairman of Unatrac Holding Limited and Mansour Group.
“Unatrac is set for phenomenal growth. This financial year we have
forecasted a 17 per cent increase in revenue due to high demand across
Africa, the Middle East and Russia in the construction, mining and
energy sectors,” he noted.
“These funds will allow us to continue to expand our operations and
build the business to meet the growing demand in our markets. As we
build for the future, we will continue to focus on our core family
values, with our key asset being our people,” he added.-TradeArabia News Service
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