Syndication has closed some 30 per cent oversubscribed of a $76 million, 10.5-year loan for newly formed IceSing, a special purpose vehicle owned by FL Group and Kaupthing Bank, both of Iceland. ABC was sole mandated lead arranger (MLA), bookrunner and facility agent. Joining at the lead arranger level were Arab Bank, First Gulf Bank and Nord LB. The funds will be used to part-finance the purchase of a Boeing 747-400F freighter aircraft from Singapore Airlines Cargo, which will then lease back the plane (MEED 4:11:05).

Joint MLAs ABC and Calyon have launched syndication of a $160 million, 12-year loan for Kuwait's Aviation Lease & Finance Company (Alafco), a joint venture between Kuwait Finance House and Kuwait Airways. The funds raised will be used to part-fund the purchase of five Boeing 737s.

Syndication is also expected to be launched imminently of the $153 million, 10-year borrowing by a group of investors led by Kuwait-based Gulf Investment Corporation to fund the United Stainless Steel Company (Usco) project under construction at Hidd. ABC is the sole underwriter and MLA (MEED 16:12:05).