Bahrain Mumtalakat Holding Company has launched a $500 million loan facility, in its first debt capital financing.

National Bank of Bahrain (NBB) has been mandated by Mumtalakat to lead and arrange the syndicated loan facility.

Under the terms of the agreement, NBB has agreed to supply a fully underwritten facility to Mumtalakat in its role as lead manager and arranger and will syndicate the transaction to a group of local and regional financial institutions.

The facility covers a five-year term.

’Our overall goal is to move Mumtalakat to a position where it is the global investor on behalf of Bahrain,’ said Mumtalakat chief executive Talal Al Zain.

’To achieve this we have a very clear investment objective which is to create a balanced portfolio of national, regional and global investments to achieve high returns and spread risk through geographic and industrial diversification.

’In creating our portfolio, we intend to make a number of strategic acquisitions in the future to provide greater geographic and sectoral balance to our current holdings.

By undertaking our first debt facility, Mumtalakat will be well placed to capture value creating acquisition opportunities when they arise,’ Al Zain said.

’We’re pleased to have the support of NBB, the leading Bahraini commercial bank, in managing the arrangement of the syndication,’ he added.

’We are confident that their professionalism and market knowledge will ensure a successful closing of the facility.’ Al Zain said.

’NBB’s corporate strategy has always been to support the economic development of Bahrain,’ said NBB chief executive officer Abdul Razak Hassan Al Qassim.

’That is why we are delighted to have been mandated by Mumtalakat, the global investor for Bahrain’s future, to lead and arrange its first debt facility.

’This announcement demonstrates the capabilities of NBB to service its clients’ needs not only locally but across the region. We are confident of a positive response from investors to the facility,’ he added. - TradeArabia News Service