Abu Dhabi-based First Gulf Bank has closed the syndication of an $800m loan that was oversubscribed, according to a source close to the deal.

The company appointed eight banks to arrange the deal in mid-September. Pricing for the three-year facility, which will be repaid in full at maturity, is 130 basis points above the dollar benchmark rate.

Japan’s Bank of Tokyo Mitsubishi and Mizuho, the UK’s Standard Chartered and HSBC, the US’ Citigroup, Germany’s Commerzbank and Deutsche Bank, and National Bank of Abu Dhabi have been appointed to arrange the loan.