Baker & McKenzie Advises United Steel Company on $373 Million Loan Facility for Bahrain Steel Plant
27 May 2012
Manama, Bahrain, 27 May 2012 – Baker & McKenzie recently acted for United Steel Company (SULB) B.S.C. (c), the region’s first fully integrated steel sections and beams producer, in relation to three ECA (German, Swiss and Korean) supported term loan facilities, totaling US$373 million. The facilities were provided by BNP Paribas and Société Générale and are being used for the construction and operation of a steel plant in Bahrain.
SULB is a joint venture between Bahrain-based Foulath, the region’s leading steel investment vehicle and holding company and Japan’s Yamato Kogyo Co., Ltd, a leading global sections and beams producer.
Ian Siddell, partner and Head of the Gulf Banking and Finance practice, commented: "Being the largest international law firm based in the Kingdom of Bahrain, we are delighted to have been a part of this important steel project in the Kingdom of Bahrain."
The Baker & McKenzie team was led by partner, Bilal Kahlon who said: "Having grown up in the Kingdom of Bahrain and having personally seen the pelletizing plant and associated steel industry near Hidd develop over the years, I am very pleased to have been involved on this important transaction. The successful closing of this transaction highlights the strength of not only the Sponsors but also of the Kingdom of Bahrain in attracting major industrial projects."
Bilal Kahlon was assisted by Bahrain based associates Sohaila Rahman and Omar Al Ansari. Japanese law aspects of the transaction were handled by the Tokyo office of Baker & McKenzie, which was led by partner Gavin Raftery and associate Yuko Atsumi.