Bank ABC, FAB ready $250m term loan for BankDhofar
MANAMA, June 15, 2021
Arab Banking Corporation (Bank ABC) said it had, along with First Abu Dhabi Bank (FAB), acted as joint co-ordinators, underwriters, initial mandated lead arrangers and bookrunners to arrange a $250 million syndicated term loan facility for Oman-based BankDhofar for a two-year period.
In addition to all this, FAB is also the agent on the transaction.
Bank ABC said the syndication was launched in May and was more than doubly subscribed on the back of strong participation from regional and international banks.
Apart from the duo, nine other banks from the GCC, Europe and Asia took part in the facility.
These include Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait (DIFC), Bank of Baroda, Doha Bank, State Bank of India (Wholesale Bank Bahrain) who joined as mandated lead arrangers and Commercial Bank of Dubai as lead arranger, while Banque Du Caire, HSBC Bank Middle East and Mashreqbank took part as arrangers.
On the successful deal, BankDhofar’s CEO Abdul Hakeem Al Ojaili said: "Despite continuing challenges in the market, the success and oversubscription of this transaction is an evidence of the confidence in BankDhofar and sovereign by international and regional banks, as well as the long-term credit strength and continued growth of the Omani economy."
"The facility, which was signed on June 6, will be utilised by Bank Dhofar to refinance its existing $250 million facility dated June 13," he added.-TradeArabia News Service
