Bank of Sharjah has closed a $150m syndicated loan deal, to refinance a $200m deal that matured in June.

The deal was financed by a group of banks including National Bank of Abu Dhabi (NBAD), the US’ Wells Fargo, Italy’s UniCredit Group and Intesa Sanpaolo and Germany’s Commerzbank Aktiengesellschaft.

The deal was launched at $100m, but was increased in size due to the strong response from lenders. The loan has a margin of 1.5 per cent and a tenor of one year.

The $200m loan that matured in June was originally arranged in 2007.

Bank of Sharjah will use proceeds from the deal for general corporate purposes.