Standard Chartered Bank (SCB) has successfully closed two syndicated loans, for Ahwaz Pipe Mills Internationaland National Bank of Umm al-Quwain, and has also been mandated to arrange a borrowing for Iran’s Khouzestan Steel Company (KSC).

Nine banks joined the Eur 200 million ($243.3 million) Ahwaz Pipes deal at syndication. They were: Abu Dhabi Commercial Bank, Ahli United Bank, Arab Banking Corporation, Commercial Bank of Qatar, EIH Bank, Emirates Bank, Gulf International Bank, National Bank of Dubai (NBD)and SCB. The facility has an average life of 12 months and was priced at 275 basis points (bp) over Libor. Ahwaz Pipe Mills International is based at Jebel Ali but the loan was guaranteed by the Iranian parent, Ahwaz Pipe Mills.

The three-year National Bank of Umm al-Quwain deal was increased in size to $65 million from $50 million due to oversubscription. It was priced at 42.5 bp. National Bank of Abu Dhabi (NBAD)was also a mandated lead arranger and joining at syndication were Bank Austria, Bank Muscat, Doha Bank, Dresdner Bank, NBAD, NBD, RZB Bank and Wachovia.

The $100 million KSC deal has a tenor of two years with an average life of 14 months. The steel firm has entered the syndications market several times and in late April signed another $100 million facility, also arranged by SCB (MEED 6:5:05).