BSEC: $22 million for UAE company
The financing is used for expansion in Algeria
Bemo Securitisation (BSEC) and Bemo Saudi Fransi Finance (BSFF) announced the successful closing of the third private placement of debt for Sakson Group, in the amount of $22 million.
“In this deal, the BEMO Group team managed to meet the client’s financing requirement allowing them to expand their business in Algeria further. We have successfully closed this third private placement for Sakson, within the last 12 months,” said Ronald Yazbeck, General Manager of BSEC.
The proceeds of the offering will be used to purchase a new land drilling rig to be deployed in Algeria on a multi-year contract, with one of the leading oil and gas multinationals in the world. Following the addition of the rig, Sakson Group will be operating 11 drilling rigs deployed throughout the Middle East, Africa and Central Asia.
Established in 2006, Sakson Group, headquartered in Dubai, is a regional provider of petroleum services with operations in Iraq, Algeria, Egypt, Kenya, Turkmenistan and Ethiopia, among others. The Group offers an integrated bundle of services in drilling, coiled tubing, reservoir stimulation services, pipeline process services and supplies oilfield products.
“This deal is a testament to both Sakson’s solid business model and the BEMO team’s effective placement capabilities,” said Omar Al Ghraoui, General Manager of BSFF.
BSEC and BSFF acted as joint organizers and placement agents on this deal, which was fully subscribed by one of the top ten banks in Lebanon with international exposure.
Reported by Leila Rahbani
Date Posted: Sep 26, 2014