Commercial Bank of Dubai has announced the successful closing of a new $450m facility on 17 December 2013.

This facility replaces a three-year $450m transaction concluded in August 2011, which was prepaid in October this year.

The facility has a maturity of 36 months from the date of drawdown and will be used for general corporate purposes. The transaction carries a margin of 1.25 per cent above Libor.

Arab Banking Corporation, The Bank of New York Mellon, Citibank N.A., Commerzbank Aktiengesellschaft, ING Commercial Banking, J.P. Morgan Limited, National Bank of Abu Dhabi, Natixis, and Standard Chartered Bank participated in the facility as mandated lead arrangers.

Commerzbank Aktiengesellschaft, which coordinated the facility, acted as documentation agent. The Bank of New York Mellon, London Branch was facility agent.