Qatari Diar completes Cegelec loan syndication

17 March 2009
Qatari Diar, the government backed real estate vehicle, has finished the syndication of a €637m ($824m) loan used to finance the acquisition of French engineering group Cegelec.

The deal closed in early March. Syndication began at the beginning of January. The deal was underwritten by the UK's Royal Bank of Scotland, Germany's WestLB and Japan's Sumitomo Mitsui Banking Corporation.

Qatar National Bank (QNB) provided an initial bridging loan for the acquisition.

The deal was priced at 210 basis points over the London interbank offered rate (Libor) when it went into senior syndication, among a small group of banks, in October (MEED 14:11:08).

The deal matures in October 2009 and refinancing options are apparently being explored.

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