The UAE’s National Bank of Fujairah (NBF) has completed a $235m loan deal with a group of banks including the local Emirates NBD and National Bank of Abu Dhabi, and the UK’s Standard Chartered, HSBC, and Lloyds TSB.
The deal has a tenor of two years and will be used to refinance an existing facility that matures at the end of June.
Germany’s Commerzbank acted as the facility agent on the deal. NBF had set out to raise a maximum of $250m when it started approaching banks to finance the loan in April.
NBF reported profit of AED50.6m in the first quarter of 2011, compared with AED38.1m in the same period of 2010. Profits were still weighed down by the high level of provisioning.