Salam International

The request is for a proposed Demand Loan of USD 10,000K, equivalent to QAR 36,500K at the fixed parity of 3.65, with a tenor of 25 years and an availability period of two years. The stated purpose is to create a new facility. Pricing is indicated as 3M SOFR plus an unspecified margin, subject to a maximum all-in rate of 0.03%; commitment, management and prepayment fees are 0.50%, 0.25% and 1.00%, respectively. The term sheet indicates an LTV cap of 70%, a top-up trigger of 75%, a liquidation trigger of 85% and proposed security coverage of 143%. The proposed security is described as pledged securities/fund units; the nature, value, liquidity, ownership and enforceability of the collateral remain to be confirmed. QCB approval for FX lending is identified as a regulatory prerequisite. Governing law is Qatari Law. The refinance carve-out, risk rating and final risk rating are not specified. [Analyst to confirm: pricing margin and whether the stated maximum all-in rate of 0.03% is correct]. (Source: application form)

1. The proposal is for a USD 10,000 thousand Demand Loan, equivalent to QAR 36,500 thousand at the fixed parity of 3.65, with a 25-year tenor and two-year availability period. (Source: application form)
2. The borrower demonstrates scale, revenue growth and positive profitability; FY2025 revenue increased by 10.8% and net profit was QAR 102,343 thousand. (Source: application form; Source: SIIL FS March English 2025.pdf, p.4)
3. The principal credit constraint is debt-servicing capacity. FY2025 DSCR is submitted at 0.40x, while operating cash flow covered reported debt service by approximately 0.29x. (Source: application form; Source: SIIL Console FS 2025_EN_Signed.pdf, p.35)
4. The proposal is also subject to material leverage, credit-impaired receivables, related-party exposures, existing secured borrowings and incomplete information on account conduct, bureau checks and collateral. (Source: SIIL Console FS 2025_EN_Signed.pdf, pp.35, 60, 66, 81)
5. Any consideration should be conditional upon satisfactory KYC and constitutional documents, QCB approval for FX lending, current QCB and credit bureau reports, bank statements, audited annual financial statements, acceptable collateral documentation, independent valuation/custody confirmation and confirmation of the repayment and pricing structure. (Source: application form)
6. [Analyst to confirm: guarantor identity, proposed risk rating, final collateral package, pari passu position, repayment schedule and all-in pricing cap.]

The facility is proposed for the Credit Committee’s consideration, subject to satisfactory resolution of the above matters and the imposition of appropriate conditions precedent, covenants and monitoring requirements.