DUBAI, UAE, April 8, 2015 /PRNewswire/ --
NBF Capital, regulated by the Dubai Financial Services Authority and a fully-owned subsidiary of National Bank of Fujairah PJSC (NBF) (https://nbf.ae/), raised AED1 billion for Pacific Control Systems (PCS) (http://www.pacificcontrols.net), which is pressing ahead with a project to expand cloud services infrastructure across the GCC.
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PCS, a global provider of information communication technologies, intends to use the amount which has a tenor of 72 months to finance its expansion and working capital requirements.
PCS has positioned itself as a leader in providing smart city solutions and cloud infrastructure service in the Middle East. The new smart city offerings and cloud-based IT as a service offering for both government and private sector have had huge market acceptance due to the highly secure, end-to-end service delivery packaging by Pacific Controls.
Today, PCS is addressing a market opportunity of over $360 billion in the Middle East alone. The funds raised through the current syndication from NBF will enhance the capacity in data-centre infrastructure, increase cloud services infrastructure and offer automated service portal, etc., for customers in the GCC.
PCS has partnered with Microsoft to deliver these services in the region.
The deal was originally valued at AED750 million but was oversubscribed by 33%, receiving AED1 billion in total commitments. It was underwritten by NBF and Al Khaliji Commercial Bank QSC, as mandated lead arrangers, with NBF also acting as global facility agent for the transaction.
Other participating banks include Al Khaliji France, Dubai Islamic Bank, United Arab Bank, National Bank of Oman, Ajman Bank and Sharjah Islamic Bank. Dubai Islamic Bank also served as the investment agent for the syndication.
The syndication, a combination of conventional and Islamic financing structures, was PCS' second in the past three years. Its first club deal was facilitated by NBF in 2012, before the formation of NBF Capital. NBF acted as mandated lead arranger, bookrunner and underwriter for the syndication, which amounted to AED265 million.
PCS plays a greater role in the UAE's ongoing transformation into a knowledge-based economy. The overwhelming interest that was received for the transaction is not just an endorsement of PCS' prospects, but also a demonstration of the institutional goodwill that can be mustered by NBF Capital on behalf of its clients. PCS was recently recognised as one of the "50 Most Promising Internet of Things Technology Companies".
For further information, please contact:
Tasneem Raza
Watermelon Communications
Email: tasneem@watermelonme.com
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