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|05 August, 2018

United Arab Bank issues $185mln syndicated 2-year term financing facilities

The two-year bullet term financing facilities comprise a conventional facility and a commodity murabaha financing facility

Bundles of banknotes of U.S. Dollar are pictured at a currency exchange shop in Ciudad Juarez, Mexico January 15, 2018.

Bundles of banknotes of U.S. Dollar are pictured at a currency exchange shop in Ciudad Juarez, Mexico January 15, 2018.

REUTERS/Jose Luis Gonzalez

DUBAI- United Arab Bank, UAB, has announced the successful conclusion of its US$185 million syndicated term financing facilities signed on 30th July, 2018.

The two-year bullet term financing facilities comprise a conventional facility and a commodity murabaha financing facility, each carrying a margin of 1.50 % p.a. over Libor. Both facilities have a 1-year extension option at the end of second year at the discretion of each lender. Proceeds of the facility will be used for general corporate purposes and the refinancing of an existing syndicated facility.

The facilities were initially launched at US$150 million and due to an oversubscription the facility closed at US$185 million.

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The transaction was arranged by Bank ABC, Commerzbank Aktiengesellschaft, Filiale Luxemburg (Commerzbank) and Emirates NBD Capital Limited as Mandated Lead Arrangers and Bookrunners. Further, Emirates NBD Capital Limited acted as Coordinating Bank and Documentation Agent, and Emirates NBD Bank as the Global Facility Agent.

© Copyright Emirates News Agency (WAM) 2018.