Bank of Bahrain and Kuwait (BBK) has signed a $75 million, five-year syndicated loan facility arranged by Citibank and priced at 50 basis points over the London interbank offered rate (Libor).

ABC International Bank, London Forfaiting Asia and National Bank of Kuwait International were co-arrangers and eight other banks took part in the syndication.

BBK, which has not borrowed in the Euromarkets for more than a decade, plans to use the facility for general funding purposes. The bank is seeking longer-term sources of funds to match its assets, a bank official says.

‘I think that given the life of the transaction and the economic situation in Bahrain, they got a good deal. It reflects the standing of BBK,’ a regional banker says, noting that banks got involved in the syndication at a time when the international media was covering domestic unrest in Bahrain.