ABC to sign $100 million loan in February

27 January 1995

A $100 million term loan for Arab Banking Corporation (ABC) is due to be signed on 3 February, according to the agent and arranger, The Sumitomo Bank (MEED 16:12:94).

The lead managers of the loan are The Fuji Bank, The Gulf Bank and Tokai Bank. The managers are: Arab Bank; Berliner Bank; Banque & Caisse d'Epargne de l'Etat; Emirates Bank International; Grindlays Bank (Bahrain); Landesbank Rheinland-Pfalz; Monte dei Paschi di Siena; National Bank of Ras Al-Khaimah; National Bank of Egypt; Republic National Bank of New York; and Societe Generale. The co-manager is Banco di Sicilia.

The three-year loan is priced at 3/8 per cent over London interbank offered rate (Libor). Front-end fees for banks taking $10 million are 22.5 basis points. The loan is to be used by ABC for general purposes.

'It was a very good geographical spread of banks and was slightly oversubscribed, but ABC decided not to take an increase,' Sumitomo Bank says. The bank says it is looking at further deals in the Middle East, particularly in the Gulf, which are likely to go ahead in the first quarter of 1995.

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications