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United Arab Bank concludes $185m financing

Monday 06 August 2018 12:03 PM

United Arab Bank
United Arab Bank

United Arab Bank (UAB) has announced the successful conclusion of its $185 million syndicated term financing facilities signed on July 30, 2018.

The two-year bullet term financing facilities comprise a Conventional facility and a Commodity Murabaha financing facility, each carrying a margin of 1.50 per cent p.a. over Libor.

Both facilities have a one-year extension option at the end of year 2 at the discretion of each lender. Proceeds of the facility will be used for general corporate purposes and the refinancing of an existing syndicated facility.

The facilities were initially launched at $150 million and due to an oversubscription the facility closed at $185 million.

The transaction was arranged by Bank ABC, Commerzbank Aktiengesellschaft, Filiale Luxemburg (“Commerzbank”) and Emirates NBD Capital Limited as mandated lead arrangers and bookrunners. Further, Emirates NBD Capital Limited acted as coordinating bank and documentation agent and Emirates NBD Bank PJSC as the global facility agent.