Global Investment House loan priced

05 October 2008
Global Investment House is close to finalising a $410m syndicated loan at margins of 215 basis points over the London interbank offered rate (libor), after the lead arrangers increased the pricing on the deal by 40 basis points.

The Kuwaiti-based firm has appointed BNP Paribas and WestLB to act as lead arrangers on the three-year deal, and they used the market flex clause in the structure of the deal to increase returns earned by participating banks.

The proceeds of the deal will be used to finance Global’s acquisition of a 20 per cent stake in National Bank of Umm al Quwain (MEED 11:09:08).

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