• Emirates NBD Capital acted as Sole Initial Mandated Lead Arranger and Bookrunner

Dubai: Emirates NBD Capital, the investment banking arm of Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has successfully arranged a USD 500 million Syndicated Revolving Credit Facility (RCF) for Lenovo Group Limited. The facility represents Lenovo's first entry into the Middle East Syndicate Loan Market and is aimed at supporting the technology leader's corporate and operational financing needs.

The credit agreement aligns with Lenovo's ongoing commitment to innovation in PC manufacturing and smartphone production, aimed at delivering cutting-edge technology solutions for businesses and consumers alike. The funds are earmarked for a range of corporate objectives, including general corporate purposes, working capital needs and other refinancing requirements. The facility will be instrumental for Lenovo as it strives to uphold and fortify its commanding position in the PC market in the Middle East and Africa, where it currently holds a market share of 29.1% in unit, which is even more pronounced in the Arabian Gulf at 33.8%.

The offering was met with substantial market interest, resulting in a demand that exceeded more than twice the initial launch amount of USD 300 million. Fuelled by robust regional demand from 11 financial institutions spanning the UAE, Jordan, Kuwait and Bahrain, Lenovo decided to expand the facilities. After a considerable scale-back, the transaction concluded at a final size of USD 500 million.

Commenting on the announcement, Hitesh Asarpota, Chief Executive Officer, Emirates NBD Capital, said: “We are proud to have played a pivotal role in facilitating Lenovo's inaugural venture into the Middle East syndicated loan markets. This landmark transaction also underscores our strategy to be the go-to bank for international issuers looking to access regional liquidity.”

Hugh WU, Vice President and Treasurer, Lenovo added: “This inaugural transaction in the Middle East demonstrates Lenovo’s strength as a major well-diversified IT vendor in attracting global capital. We are pleased to have Emirates NBD Capital led this landmark transaction and facilitated in our path to have a more diversified funding source.”

The following banks joined in the general syndication:

Sole Initial Mandated Lead Arranger and Bookrunner:

  • Emirates NBD Capital Limited

Mandated Lead Arrangers and Bookrunners:

  • AL Ahli Bank of Kuwait K.S.C.P.
  • Mashreqbank P.S.C.
  • Abu Dhabi Commercial Bank PJSC
  • Gulf Bank K.S.C.P

Mandated Lead Arrangers

  • Arab Banking Corporation (B.S.C.)
  • Union Bank of India, DIFC, Dubai

Lead Arrangers

  • National Bank of Kuwait S.A.K.P
  • Arab Bank Plc
  • State Bank of India, DIFC Branch
  • Burgan Bank K.P.S.C.

About Emirates NBD

Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st December 2023, total assets were AED 863 billion, (equivalent to approx. USD 235 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 850 branches and 4,431 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.89 billion. 

Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.

Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.

About Lenovo

Lenovo is a US$62 billion revenue global technology powerhouse, ranked #217 in the Fortune Global 500, employing 77,000 people around the world, and serving millions of customers every day in 180 markets. Focused on a bold vision to deliver smarter technology for all, Lenovo has built on its success as the world’s largest PC company by further expanding into growth areas that fuel the advancement of ‘New IT’ technologies (client, edge, cloud, network, and intelligence) including server, storage, mobile, software, solutions, and services. This transformation together with Lenovo’s world-changing innovation is building a more inclusive, trustworthy, and smarter future for everyone, everywhere. Lenovo is listed on the stock exchange of Hong Kong under Lenovo Group Limited (HKSE: 992) (ADR: LNVGY). To find out more visit https://www.lenovo.com, and read about the latest news via our StoryHub.

For further information, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
e-mail: ibrahims@emiratesnbd.com

Mahmoud Kassem
Brunswick Group
e-mail: mkassem@brunswickgroup.com