Kuwait Cement closes $130m loan

14 October 2008
Kuwait Cement has managed to close a $130m syndicated loan, which was increased in size from $75m after it was oversubscribed during syndication.

The deal was led by BNP Paribas as sole bookrunner, with Arab African International Bank, China Trust Commercial Bank, Mega International Bank, Royal Bank of Scotland and Taiwan Co-operative Bank joining the syndication at a senior level.

The deal has a margin of 125 basis points over the London interbank offered rate (Libor) and banks could come in on the deal with between $15m and $5m each.

The company, which was established in 1968, launched the deal into the syndication market in early June and it took until early October to close the financing.

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