Published: August 25, 2014
Bank ups size of syndication to US$750mn to US$500mn, drawing in 17 regional and international lenders.
Arab Banking Corporation has secured a US$750mn syndicated loan from a group of 17 banks, increasing the amount from a planned US$500mn after the order book closed at US$800mn.
The bank, headquartered in Bahrain with businesses in 17 countries across the Middle East, North Africa, Europe, the Americas and Asia, will use the three-year loan for general corporate purposes.
The loan comes with a margin of 120 basis points over LIBOR and was organised by initial mandated lead arrangers and bookrunners HSBC, National Bank of Abu Dhabi, Natixis and Sumitomo Mitsui Banking Corporation.
These firms were joined by Abu Dhabi Commercial Bank, BNP Paribas, Deutsche Bank, Mizuho, Royal Bank of Scotland, Societe Generale and Standard Chartered Bank as mandated lead arrangers. Al Khalij Commercial Bank and Commercial Bank of Qatar were lead arrangers, while Bank of Bahrain and Kuwait, Bank Muscat, JP Morgan and National Bank of Bahrain were arrangers.
Arab Banking Corporation recently announced its results for the first half of 2014. The bank's net profit rose by 22% year-on-year to US$137mn.