Bahrain-based Bank ABC said it has closed a $250 million syndicated term loan facility for Bank Sohar.

The three-year facility was signed on July 14 and will be used by Bank Sohar for general funding purposes, said a report in the Gulf Daily News (GDN), our sister publication.

Besides Bank ABC, which acted as the sole initial mandated lead arranger and co-ordinating bank, the other participating banks included Abu Dhabi Commercial Bank, The Commercial Bank and Doha Bank acting as mandated lead arrangers; Gulf International Bank, State Bank of India’s wholesale banking branch in Bahrain and Sumitomo Mitsui Banking Corporation acting as lead arrangers with National Bank of Bahrain, National Bank of Kuwait’s Bahrain branch, Oberbank UBI Banca International acting as arrangers.

The syndication closed oversubscribed.

Bank Sohar’s acting chief executive Rashad Al Musafir thanked the participating banks, saying he looked forward to further strengthening relations with each of them over the coming years.

He said the broad cross-section of banks that participated in the syndication reflects deep confidence in Bank Sohar and the progress it has made in its short history, becoming Oman’s fourth largest bank and having the lowest level of non-performing assets.

“We have developed an excellent relationship with Bank Sohar in recent years and are proud to have been appointed as the sole initial mandated lead arranger and co-ordinating bank for their debut syndication,” Bank ABC Group head of syndications John McWall said.

“The successful closing with banks participating from the GCC, Europe and Asia demonstrates strong support and high esteem for regional institutions such as Bank Sohar.” - TradeArabia News Service