DOHA - The Commercialbank of Qatar has closed an $800m term loan facility with a club of international banks.
The arrangers and providers of the facility are ABN Amro Bank, The Bank of Tokyo-Mitsubishi UFJ Ltd, Barclays Bank, Bayerische Landesbank, BNP Paribas, Commerzbank Aktiengesellschaft, DBS Bank Ltd, J P Morgan Chase Bank, and Raiffeisen Zentralbank Österreich Aktiengesellschaft. The facility and documentation agent is BNP Paribas.
The facility, which has a tenor of six months with an option to extend up to one year and a margin of 20 basis points over the London Inter-bank Offered Rate (Libor), will be for general funding purposes, including the financing of a strategic investment in United Arab Bank of the UAE.
The transaction closed significantly oversubscribed from an initial launch amount of $600m. Based on the response, the bank decided to increase the facility amount to $800m.
© The Peninsula 2007
