National Bank of Fujairah (NBF) has closed a Dh265 million ($72.16 million) syndicated loan for Pacific Control Systems (PCS), the bank said.

The bank acted as the mandated lead arranger, bookrunner and underwriter for the facility.

The loan is a debut syndicated financing facility for PCS, a leading global provider of ICT enabled services and converged engineering solutions for buildings and infrastructure projects.

PCS will use the loan, co-financed by lead arrangers Bank of Baroda and Ajman Bank, for the development of a data and disaster recovery centre in Dubai. The centre, one of the largest in the region, will also provide cloud computing services.

NBF CEO Vince Cook said the successful syndication is evidence of the bank’s position as partner-of-choice for companies venturing into the regional debt capital markets.

“That we were entrusted with overseeing PCS’s first multilateral deal reflects the customer’s confidence in the Bank and our ability to utilise regional banking relationships to our clients’ advantage.

“We are pleased to be able to support PCS in its future plans and would also like to thank the participating banks for their support,” he said.

PCS executive chairman Dilip Rahulan said: “We are proud to introduce the concept of Data Centre Campuses in this region. Pacific Controls has always strived to create new benchmarks in the industry. Our first Data Centre Campus has been certified T3 by the Uptime Institute for sustainability and operational efficiency.” – TradeArabia News Service