Syndication has been launched of a $150 million, three-year loan for Awal Bank, a Bahrain-based subsidiary of Saudi Arabia’s Saad Group launched in early 2004. Several other deals have recently closed or are about to.

Arab Bank, Gulf International Bank and HypoVereinsbank are the mandated lead arrangers (MLAs) on the Awal deal, and have been joined by Abu Dhabi Commercial Bank, Commercialbank and HSH Nord as sub-underwriters. The margin is 115 basis points (bp).

Syndication has closed of a loan for Sharjah-based Lamnalco, which was increased in size to $100 million from $75 million due to oversubscription. The tenor is five years. HSBC was the sole MLA and bookrunner.

Syndication of the
$4,000 million, five-year revolving financing facility for Kuwait’s MTC was also completed in late July. BNP Paribas, Calyon, Credit Suisse First Boston and UBS were the MLAs (see page 24). The transaction follows the recent signing of the other two mega deals in the market for Emirates Telecommunications Corporation (Etisalat) and Dubai Holding.

The $3,000 million revolving facility for Etisalat was priced at 22 bp for the first year and 25 bp for the optional second year extension. Barclays Capital, Citigroup, Deutsche Bank and HSBC were joint underwriters and bookrunners (MEED 21:7:06). The $2,250 million, 18-month Dubai Holding deal, arranged by Emirates Financial Services and Standard Chartered Bank, carried a margin of 70 bp (MEED 14:7:06).