Thursday 28 May 2020

BCFC raises $125m five-year syndicated loan

MANAMA, July 8, 2019

Bahrain Commercial Facilities Company (BCFC) has successfully closed a $125 million five-year syndicated loan facility.

The facility was arranged by Gulf International Bank (GIB), Ahli United Bank and National Bank of Bahrain (NBB) in their capacity as initial mandated lead arrangers and bookrunners and Arab Bank as mandated lead arranger.

The new facility shall be utilized to repay $50 million syndicated loan and $53 million bonds on their maturities and remaining $22 million would be used for the Company’s general business expansion needs.

Dr Adel Hubail, BCFC’s chief executive officer commended the successful closure of the new facility and appreciated the support extended by the participant banks. He stated that the successful closure of the transaction is an endorsement of BCFC’s robust business model with well-defined and fully articulated unique value propositions and loyal customer base.

“Our growth strategy has always been balanced with prudent risk management practices. The new finance facility enhances the Company's long-term liquidity and reinforce its staggered maturity profile,” he said. – TradeArabia News Service



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