Bank ABC and FAB arrange loan facility for Bank Dhofar

MANAMA: Bank ABC and First Abu Dhabi Bank (FAB) have jointly arranged a $250 million two-year syndicated term loan facility for Bank Dhofar.

The two acted as joint coordinators, underwriters, initial mandated lead arrangers and bookrunners on the facility.

In addition, FAB is the agent on the transaction.

The syndication was launched in May 2021 and was over two times oversubscribed on the back of strong participation from regional and international banks.

A total of nine banks (excluding the joint coordinators) from the GCC, Europe and Asia participated in the facility.

Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait – DIFC Branch, Bank of Baroda, Doha Bank, State Bank of India WBB Bahrain joined as mandated lead arrangers.

Commercial Bank of Dubai joined as lead arranger, while Banque Du Caire, HSBC Bank Middle East and Mashreqbank joined as arranger.

The facility was signed on June 6, and will be utilised by Bank Dhofar to refinance an existing $250,000,000 facility dated June 13, 2018.

Bank Dhofar’s chief executive Abdul Hakeem Al Ojaili said: “Despite continuing challenges in the market, the success and oversubscription of this transaction is an evidence of the confidence in Bank Dhofar and sovereign by international and regional banks, as well as the long-term credit strength and continued growth of the Omani economy.”

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