IFC wins $100 mln loan facility
KUWAIT CITY: International Finance Company (IFC) held a celebration at the J.W. Marriott Wednesday to commemorate the successful completion of a $100 million syndicated term loan facility which it signed on April 30, 2007. Talking to the press, Chairman of IFC Khalifa Al-Roumi expressed his joy at the completion of the deal. He affirmed this money touched upon the possibility of requesting another loan in future. Replying to a press query about IFC plans to do after attaining this money, Al-Roumi said the loan will be used for expansion of the company's businesses in the region.
Finance Manager Abdul Mohsen Al Therban elaborated on the expansion plans of IFC saying "We have already started an establishment in Lebanon over the past year, specifically during 2005 and it began operations in 2006. We are currently studying the establishment of another branch in the Gulf region, particularly Dubai." The BNP Paribas Bank acted as Mandated Lead Arranger and Book-runner to arrange the four-year term loan facility on behalf of the IFC. Arabic Banking Corporation (BSC) and the Commercial Bank of Qatar (QSC) are both committed as Mandated Lead Arrangers. The facility was fully underwritten by BNP Paribas. Talking to the press, BNP Paribas Manager Philippe Aroyo said "this opportunity that was given to us by the IFC has allowed us to establish yet another benchmark in our achievements whether in terms of the size of facility or pricing."
He added the BNP Paribas is aiming through its accomplishments to broaden and "widen the scopes before our customers and provide a larger variety of opportunities." "The $100 million loan will be used to expand the core line of IFC's consumer finance business within the region. The IFC which was initiated more than 20 years ago, is one of the main players in consumer finance business in Kuwait," said Abdelqader Al-Mesad Investment Manager at IFC. He added the withdrawal period is six months from the date of signing and that paying the loan will be within a year of the agreement at an interest rate of 1.6 percent above the current London International Brokerage Rate which is 5.5 percent. He went on to say the IFC was enlisted at the Kuwait Stock Exchange market in 1995 and has a current share price of 434 fils.
By Dahlia Kholaif
Arab Times 2007
