Saudi Investment Bank (SIB)on 29 July signed a $380 million syndicated loan facility, underwritten and managed by Citigroup. The facility, which is SIB’s first, was increased in size from $200 million. A total of 24 banks participated in the deal.

The mandated lead arrangers (MLAs) on the deal were Commerzbank, Mizuho Financial Group, Raiffeisen Zentralbank Osterreich, Standard Chartered Bankand Sumitomo-Mitsui Banking Corporation. The three-year loan carries a margin of 40 basis points (bp) over Libor.

The kingdom’s banks are increasingly tapping the syndicated loan market. Banque Saudi Fransitook a five-year, $650 million facility in June, priced at 35 bp; Arab National Bank closed a $300 million deal in March, priced at 37.5 bp; and Samba Financial Groupconcluded a five-year borrowing, of $500 million, in late 2004, priced at 37.5 bp (MEED 24:6:05; 18:3:05; 15:10:04).