Ahli United completes $100m loan facility
Manama, January 30, 2013
Bahrain-based Ahli United Bank (AUB), one of the leading banks in the region, has completed a $100 million three-year term loan facility for Bahrain Commercial Facilities Company (BCFC).
AUB acted as the initial mandated lead arranger and sole book runner for this transaction which was oversubscribed, attracting a number of leading banks in the region, said a report in the Gulf Daily News.
The purpose of the facility is to refinance BCFC's existing term loan and for general working capital requirements.
"The interest generated in this facility is a testament to BCFC's solid and stable financial standing in the market," said BCFC chief executive Dr Adel Hubail. "Success of this transaction reflects underlying strengths, sound business model, strong management expertise, prudent risk management and overall growth strategy adopted by the company.
"I would like to thank AUB and the participating banks for the strong support extended in successfully closing this syndication," he added.
"AUB continues to play a key role in supporting and funding local corporates in achieving their growth objectives," said AUB group head of corporate banking Prakash Mohan.
"BCFC is an important relationship for the bank and the syndication transaction is a significant achievement amid difficult market conditions.
"The successful closure of this facility underscores AUB's commitment to its customers and its syndication capabilities in the region. Credit is also due to fellow participating banks in the transaction," he added.
The facility was subscribed by AUB, BBK, Gulf International Bank, Arab Bank, Arab Banking Corporation, Bank Sohar and BNP Paribas. – TradeArabia News Arabia