Bankers clear syndications desks ahead of Eid holiday

12 November 2004
Several regional syndications have reached or are nearing completion ahead of the Eid holiday, while Bank of Kuwait & the Middle East (BKME)has just launched general syndication on a new facility, having waited for that of Ahli Bank of Kuwait (ABK)to clear the market.

Signing is due around 18 November for the five-year, $500 million facility - increased from $400 million - for Arab Banking Corporation (ABC). The deal is understood to have been well received at general syndication, with uptakers joining a 14-strong mandated lead arranger (MLA) group and eight co-lead arrangers. It is priced at 37.5 basis points (bp) for the first three years and 40 bp for the final two (MEED 29:10:04).

Signing is due on 15 November of a $225 million facility for ABK, lead arranged by HSBCand Sumitomo-Mitsui Banking Corporation. The loan has been increased in size from $150 million due to oversubscription. A syndicated borrowing for First Gulf Bank, lead arranged by Bank of Tokyo-Mitsubishi, Calyon, Gulf International Bank (GIB) and Standard Chartered Bank, was signed in the second week of November and raised to $175 million from $150 million. It was priced at 40 bp.

MLAs were appointed in early November for a $150 million, three-year facility for BKME. They are ABC, Commerzbank, Dresdner Kleinwort Wassersteinand GIB. The loan is priced at 37.5 bp.

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