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BCFC raises BD20m through bond issue

January 22, 2014

Bahrain Commercial Facilities Company (BCFC), the largest consumer finance company in Bahrain , has issued BHD denominated 20,000,000 (US$ 53 million approx.) floating rate unsecured bonds due 2018. The bonds, which have a maturity of 5 years with interest paid quarterly, were issued by a private placement in registered form in denominations of BHD 100 each in compliance with the CBB rules. Ahli United Bank (AUB) was the lead manager, sole underwriter and agent for the issuance of bonds. The funds thus raised are used for the redemption of BHD 6,700,000 fixed rate notes matured on 30 December 2013 with the balance to be used by BCFC for general corporate purposes. "The issue of bonds is in line with BCFC's policy to diversify its sources of funding base, enhance its financing operations and spread the maturities of its liabilities," Chief Executive Officer of BCFC Dr. Adel Hubail said. copyright

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Source: Daily Tribune (Bahrain)

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