United Arab Bank P.J.S.C. (UAB), is pleased to announce the successful conclusion of its US$ 185,000,000 Syndicated Term Financing Facilities signed on 30 July 2018.
The 2-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 year 2 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.
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 PJSC as the Global Facility Agent.
Company Overview
United Arab Bank was incorporated in 1975 as a private joint stock company in the Emirate of Sharjah, United Arab Emirates. The legal form of the Bank was converted to a public joint stock company pursuant to Emiri Decree No. 17/82 issued by His Highness the Ruler of the Emirate of Sharjah on 29th July 1982. On 21st March 2005, the Bank’s issued share capital was listed on the Abu Dhabi Securities Exchange.
UAB offers its customers a comprehensive suite of Corporate and Institutional Banking services supported by Trade Finance, Retail Banking and Treasury services, in addition to Islamic Banking solutions, thus positioning the Bank as the partner of choice among major corporate clientele segments. The Bank is also known for its award-winning 'UAB Rewards' loyalty program – the best loyalty program in the UAE.
The bank has recently successfully concluded a Rights Issue of AED688 Million resulting in a CAR of 15.5% at the end of H1 2018.
The Bank is rated Baa2 by Moody's.
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