The National Bank of Fujairah (NBF) has closed a Dh261 million ($71 million) long term syndicated loan for Lifeline Hospital Group, a leading healthcare provider in Abu Dhabi.

Lifeline will use the loan to finance its business expansion plans, which includes the construction of Burjeel Hospital, a tertiary care hospital in the emirate.

The debut syndication facility underscores NBF’s strong syndication capabilities and business pipeline, said the bank in a statement. NBF is the initial mandated lead arranger and underwriter for the facility.

The NBF-led syndication, which was oversubscribed, sees First Gulf Bank participating as mandated lead arranger, with Ajman Bank and United Arab Bank rounding up the group as lead arrangers.

The facility has received a positive response from banks and provided Lifeline the flexibility of exercising a green shoe option.

NBF chief executive Vince Cook said that the loan demonstrates NBF’s commitment in leveraging its strong syndication capabilities in support of the regional economy.

'The healthcare sector plays an important role in UAE’s development as a services hub, and we are pleased to partner Lifeline as it helps the industry grow from strength to strength,' Cook noted.    

Dr Shamsheer VP, managing director, said: “Since commencing operations in 2007, Lifeline has managed to establish itself as a key healthcare provider with three hospitals and other healthcare-related interests.'

'Our growing ambitions were met with the help of an experienced and well-respected partner such as NBF, and we thank the Bank for facilitating this successful transaction,” he added.-TradeArabia News Service