News Column

ABC to raise $500 million loan

July 6, 2014

MANAMA: Syndication for a $500 million term loan facility was launched yesterday, Bahrain-based Arab Banking Corporation (ABC) has announced.

In a statement, the bank said it mandated HSBC, National Bank of Abu Dhabi, Natixis and Sumitomo Mitsui Banking Corporation as bookrunners and initial mandated lead arrangers to arrange the loan, which is to be used by ABC for general funding purposes.

The facility carries a tenor of three years and pays a margin of Libor plus 120bps.

Libor is a benchmark rate that some of the world's leading banks charge each other for short-term loans.

ABC has also appointed HSBC to act as co-ordinating bank for the facility.

Deutsche Bank AG, London Branch, Socit Gnrale, Standard Chartered Bank and The Royal Bank of Scotland have pre-committed to the facility prior to the launch of the general syndication as mandated lead arrangers.

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Source: Gulf Daily News (Bahrain)

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