Mumtalakat closes $500m loan facility

24 August 2008
Bahrain’s sovereign wealth fund, Mumtalakat, has closed a new syndicated loan facility of $500m arranged by National Bank of Bahrain (NBB).

The deal is a dual currency term loan, of dollars and Bahraini dinars, with a tenor of five years. There is also an Islamic and conventional tranche.

NBB managed to close the deal quickly, after only launching the deal in mid-August and attracting interest from Bahraini banks, and other regional institutions (MEED 17:08:08).

The deal is understood to have been priced at around 130 basis points over the London interbank offered rate (libor).

The deal is expected to be officially signed at the end of August.

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