Gatehouse Bank plc, (“Gatehouse”) a fully Shariah compliant investment bank based in London, was pleased to accept the “Islamic Finance News Award for Deal of the Year” for the best Kuwaiti Islamic syndicated financing in 2009. The award was for the “Burgan Company for Well Drilling, Trading and Maintenance $125m Syndicated Secured Ijara Facility”, jointly bookrun with Liquidity Management House for Investment Company (“Liquidity House”). The syndication was joined by Ahil United Bank B.S.C and Boubyan Bank K.S.C as Mandated Lead Arrangers, E’amar as Lead Arranger, Kuwait Finance House (Malaysia) Berhad as Arranger and European Finance House Limited as Co-Arranger.

The funds raised from the facility were used to facilitate the purchase of four oil rigs in Kuwait. The funds were also fully secured on the rigs and their associated off-take contracts with the Kuwait Oil Company (“KOC”).  The transaction attracted strong investor interest and was oversubscribed, but successfully closed at a time of limited investor liquidity and challenging market conditions.

Fahed Boodai, Chairman of Gatehouse who attended the awards ceremony in Kuala Lumpur, Malaysia said, “This is a great achievement for Gatehouse and is a positive example of activity that has been realised in the Islamic syndicated market despite the challenging economic conditions. As demonstrated by this transaction, our capability to originate, structure and distribute Islamic finance transactions remains strong and our international experience enables us to develop further opportunities in the pipeline that reach beyond the Gulf to Asia”.

Gatehouse would like to acknowledge all other participating companies that have shared the award in this transaction.