DOHA: Commercial Bank announced the successful completion of a $1bn senior unsecured term loan facility. The lender group consists of 21 major banks from the GCC, US, Europe, Asia and Australia. The facility comprises of two tranches, a $600m two-year term loan and a 400m three-year term loan, paying margins of 100bps and 120bps over LIBOR, respectively.
The facility originally targeted to raise 600m, but following strong demand in syndication from banks around the world, the final size was increased to $ 1bn. The facility is Commercial Bank’s largest syndicated loan and the proceeds will be used for refinancing and to fund business growth.
National Bank of Abu Dhabi and HSBC Bank Middle East acted as the coordinating banks and Bookrunners for the Facility. Commenting on the Facility, Commercial Bank CEO Abdulla Saleh Al Raisi said: “This Facility is an outstanding success by several criteria: size, pricing, a geographically diverse lender group comprised of leading banks, and oversubscription of the facility by more than 110 percent.”
The Peninsula
