In May this year, Apicorp was mandated the sole arranger by SAFT for a $110 million term loan facility, consisting of two tranches, to finance the phased development of the Project.
Under its mandate for the project, Apicorp has been working closely with SAFT and various independent advisors to structure an optimal finance package with funding for Tranche 1, worth $61 million, from Apicorp and the National Bank of Fujairah.
The sale of SAFT will allow Paris, France-based Alcatel to focus on its core business, the development and deployment of telecommunications systems and services.
SAFT employs some 4,000 people at 14 sites in eight countries.
PSE Managing Director Costas Pantelides says "The coupling of SAFT
with gPROMS's advanced optimisation technology opens up new possibilities for process design, allowing both molecular-level and process design decisions to be taken into account to ensure that the resulting design is optimal.