Abu Dhabi Ports has hired banks to arrange an issuance of 10-year U.S. dollar-denominated bonds, which it will use for general corporate purposes, a presentation for investors on Monday.

Citi C.N, First Abu Dhabi Bank FAB.AD and Standard Chartered STAN.L will act as joint global coordinators. HSBC HSBA.L, Mizuho 8411.T, Societe Generale SOGN.PA, BNP Paribas BNPP.PA, Credit Agricole CAGR.PA and SMBC Nikko 8316.T also have roles.

The banks will arrange fixed income investor calls on Monday and Tuesday, a document from one of the banks showed. An issuance of benchmark size, generally at least $500 million, will follow, subject to market conditions.

It was stated that on Sunday Abu Dhabi Ports had secured a $1 billion loan from nine banks including Citi, FAB, HSBC and Standard Chartered. One source said it was also planning a bond sale.

Abu Dhabi Ports, which is owned by the emirate’s holding company ADQ, owns and operates 11 ports and terminals in the United Arab Emirates and Guinea.

Fitch Ratings and S&P Global Ratings both assigned Abu Dhabi Ports an A+ rating previously on Thursday.

Issuers in the Gulf have been taking advantage of low rates to raise debt as the region emerges from an economic downturn caused by the COVID-19 pandemic and last year’s oil price plunge.

Source: Hellenic Shipping