Mumtalakat $500 Million loan facility successful closed |
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Manama, Kingdom of Bahrain: NBBNBB
announced the successful completion of the US $ 500 million loan facility that has been arranged on behalf of MumtalakatMumtalakat. The facility is a dual currency term loan with a conventional tranche and an Islamic tranche over five years. A significant number of leading local and regional banks have joined the transaction. A spokesman for NBBNBB said, "We are delighted with the response to this transaction despite the current difficulties being faced in the syndication market. This is a tribute to the quality and transparency of MumtalakatMumtalakat, an attractive risk -reward ratio for lenders, sovereign ownership of the company, as well as the fact that this was MumtalakatMumtalakat's debut syndication transaction. NBBNBB is thankful to its partners and the support extended by the participants to successfully close this syndication."
Official documentation is currently in process and the formal signing of the syndication agreement is scheduled for the month end.
-Ends-
About National Bank of Bahrain
National Bank of Bahrain was established in 1957 as the first indigenous bank in Bahrain. A nation-wide network of 25 branches, 45 ATMs and over 2,500 Point of Sale terminals makes NBBNBB the leading provider of commercial and retail banking services in Bahrain. NBBNBB had total assets of BD 1,915 million as of June 2008 and declared net profits of BD26 million for the six month period ended 30 Jun 2008, an increase of 13.5% over the same period last year.
NBBNBB is rated A2 (Long Term), Prime-1 (Short Term) by Moody's and A (Long Term), F1 (Short Term) by Fitch. Capital Intelligence has recently upgraded NBBNBB's credit ratings to A (Long Term) and A-1 (Short Term) on a par with the country ceiling set for Bahrain.
For more information on NBBNBB please go to www.nbbonline.com
About Mumtalakat
MumtalakatMumtalakat is the investment company for Bahrain, and was established as an independent holding company for the Government of Bahrain's non-oil and gas assets. With 38 commercial enterprises within its $10 billion portfolio, MumtalakatMumtalakat's investment strategy seeks to enter into partnerships with local, regional and global institutions targeting opportunities for long term, sustainable returns.
For more information on MumtalakatMumtalakat please go to www.bmhc.bh
Media Enquiries for MumtalakatMumtalakat:
FD
Jon Earl
+973 17537072
jon.earl@fd.com
Jon Hobday
+971 (0) 4 332 8832
john.hobday@fd.com
Edward Bridges
+44 (0)20 7831 3113
edward.bridges@fd.com
© Press Release 2008
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