Bahrain Commercial Facilities Company B.S.C. (“BCFC’) successfully closed a US$80 million 5-year term loan facility (“Facility”). The facility was arranged by Ahli United Bank B.S.C. (“AUB”), Bank ABC (“ABC”) and BNP Paribas in their capacity as Initial Mandated Lead Arrangers (“IMLA”). The purpose of the new Facility, which was signed on 22nd September 2016, is to fund continued growth in the BCFC lending portfolio and for their other general business needs.
For the transaction Ahli United Bank B.S.C. and Bank ABC acted as “Bookrunner”, while Bank ABC acted as “Coordinator”. The IMLAs were joined by Ahli United Bank Limited (“AUBLTD”) as an Arranger and IDBI Bank Limited (“IDBI”) as Lead Arranger.
A celebratory lunch was held on the 5th October 2016, attended by the senior representatives of BCFC and the participating banks.
At the lunch, Chief Executive Officer of BCFC, Dr. Adel Hubail, thanked all the participating banks for their support in successfully closing this syndication. He said that “The successful closing of this Facility in a volatile and financially distressed market reflects BCFC’s strong financial standing, its solid business model, prudent risk management and overall growth strategy adopted by the Company.”
The IMLAs expressed their delight with the successful closure of the transaction and wished BCFC continued growth and prosperity in the future.
About BCFC:
Bahrain Commercial Facilities Company BSC is a public shareholding company incorporated and registered in Bahrain. Effective 26th June 2005, the Company became licensed and regulated by the Central Bank of Bahrain (CBB). The company is listed on Bahrain Bourse and has major shareholders include Social Insurance Organization (31.1%), BBK BSC (23%) and National Bank of Bahrain BSC (11.9%). It provides short-term, medium-term and long-term loans and is also a credit card issuer. The Company (nationally known as “Bahrain Credit”) wholly owns National Motor Company WLL, which was established in March 1988 and is the sole agent of Honda and General Motors vehicles in the Kingdom of Bahrain; Tasheelat Insurance Services Company W.L.L. which was established in 1997 to provide insurance agency services; and Tasheelat Real Estate Services Company SPC which was established in May 2002 to offer real-estate related services such as property valuation, brokerage and management. In March 2015, the company has incorporated its fully owned subsidiary Tasheelat Automobile Company which is sole agent of GAC Motors, a fast developing global automobile brand.
BCFC has continued to report growth in earnings and profitability, with consolidated net profits standing at BD 9.4 million for the first half of 2016; 11% higher than the same period last year (2015: BD 8.5 million). Total assets grew by 8% from BD 305 million at 31 December 2015 to BD 328 million at 30 June 2016.
© Press Release 2016
