RGE Wins Natural Resources Finance Deal of the Year at Bonds, Loans & Sukuk Middle East Awards 2024
RGE, a Singapore-headquartered multinational group of resource-based manufacturing companies, has been awarded the Natural Resources Finance Deal of the Year at the prestigious Bonds, Loans & Sukuk Middle East Awards 2024. This accolade follows the successful closure of RGE’s US$1 billion Sustainability-Linked Loan (SLL) in January 2024.
The Bonds, Loans & Sukuk Middle East Awards, established in 2014, honor the most innovative and groundbreaking deals from sovereign, corporate, and financial institution issuers and borrowers across the Middle East. The rigorous selection process assesses deal size, tenure, structure, and distribution, as well as the borrower’s background and access to financing.
Patrick Tan, Head of Banking at RGE, stated, “This award acknowledges the high-quality execution of our US$1 billion SLL, which was innovatively structured. The SLL includes a US$150 million Murabaha term facility that is AAOIFI-compliant, marking our first foray into Islamic financing and catalyzing our expansion into key regions, including the Middle East, where we see significant growth.”
The Middle East is a strategic region for RGE, with Dubai serving as a crucial gateway for the company’s trade flows to the EMEA region. Singapore serves as the other gateway to Asia. RGE’s US$1 billion SLL was oversubscribed by 1.4 times, attracting strong support from a consortium of eight Mandated Lead Arrangers and Bookrunners (MLABs), including Commercial Bank of Dubai, First Abu Dhabi Bank, Bank of Communications, E.SUN Commercial Bank, Hua Nan Commercial Bank, Industrial Bank, MUFG, and Shanghai Pudong Development Bank.
Mr. Tan expressed gratitude to the company’s financing partners: “We thank our financing partners for their confidence in our growth story and our sustainability journey. We look forward to strengthening our relationships with financial institutions in the Middle East to support the region’s growth in green financing.”
RGE is dedicated to responsible growth and has transitioned its financing to SLLs. The US$1 billion SLL will support RGE’s agribusiness operations, growth, and expansion across its diverse product offerings, contributing further to the bioeconomy. The loan is linked to key performance indicators (KPIs) designed to enhance engagement with suppliers for independent traceability verification, increase the use of renewable and clean energy sources, and ensure collaboration with NDPE-compliant suppliers.
