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State-owned Abu Dhabi Developmental Holding, also known as ADQ, has increased its dual-tranche term loan to $5 billion from $4 billion after strong response from 33 banks in general syndication, according to LSEG Loan Connector.
Bank of China Dubai branch, DBS Bank, HSBC, Industrial and Commercial Bank of China (DIFC) branch, JP Morgan Securities and Standard Chartered Bank Hong Kong were the mandated lead arrangers, bookrunners and global coordinators.
Agricultural Bank of China DIFC branch, Bank of Communications DIFC branch, China Construction Bank DIFC branch, CMB International Finance and Industrial Bank Hong Kong branch came in as MLABs.
The senior unsecured borrowing was initially launched at a $4 billion at all-in pricing of 85 basis points (bp) and 100bp via interest margins of 70bp and 85bp over SOFR for the three (tranche A) and five-year (tranche B) portions.
The facility will be used for general corporate purposes.
Top three allocations were:
-Agricultural Bank of China DIFC branch - $420 million
-Industrial and Commercial Bank of China DIFC Branch - $420 million
-Bank of China Dubai branch - $370 million
(Writing by Brinda Darasha; editing by Seban Scaria)
