08 October 2015
Transaction was significantly oversubscribed leading to an increase of the facility size by USD 250 million.

Union National Bank (UNB), one of the leading banks based in the UAE, has successfully completed its USD 750 million three-year loan facility on October 6, 2015.

The transaction was significantly oversubscribed leading to an increase of the facility size to USD 750 million up from the original launched amount of USD 500 million.

UNB will be paying a margin as low as 75 bps per annum above USD LIBOR. The facility has a bullet repayment at the end of the three-year tenor.

Commenting on the deal, Mr. Mohammad Nasr Abdeen, Chief executive officer of UNB Group said: "This new financing is part of our long term strategy for diversified sources of liquidity to achieve the targeted growth rates. The aggressive pricing and significant lenders' appetite for the transaction is a reflection of the markets confidence not only in UNB as borrower but as a leading bank in the UAE as well."

Commerzbank Aktiengesellschaft, Filiale Luxemburg, First Gulf Bank PJSC, HSBC Bank Middle East Ltd, National Bank of Abu Dhabi PJSC and Standard Chartered Bank were mandated as underwriters, mandated lead arrangers and bookrunners for the transaction while 7 other regional and international financial institutions joined the transaction as lenders.

Union National Bank enjoys a sound credit rating of A+ by both Fitch and Capital Intelligence and A1 by Moody's with a Stable outlook from all three rating agencies.

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© Press Release 2015