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Saudi Investment Bank (SAIB), rated BBB/A− by S&P/Fitch, has upsized its debut Asian syndicated dual-tranche loan to $750 million.
The Saudi bank, which held its Q3 earnings call on Thursday, revealed that the loan saw a 2.2x oversubscription based on strong investor appetite, with an excess of $1 billion of commitments. This resulted in the facility size to increase from its initial $500 million launch size to $750 million at close.
MUFG acted as the sole mandated lead arranger and bookrunner on the transaction, which consisted of three-year and five-year tranches.
(Writing by Bindu Rai, editing by Seban Scaria)
