Several corporate and project syndications are in or approaching the market following an extended hiatus since the start of the year. Arab Banking Corporation (ABC) has been appointed sole mandated lead arranger (MLA) on a $50 million borrowing for Kuwait-based International Finance Company. The four-year amortising facility carries a margin of 20 basis points (bp) over Libor. Syndication is due to be launched imminently. A club of three banks - ABC, Arab Petroleum Investments Corporation (Apicorp) and The Arab Investment Company - also recently signed a $30 million syndicated loan facility with Libya's Arab Drilling & Workover Company (Adwoc). The loan will finance the purchase of an onshore drilling rig from National Oil Wells Company and is one of the first syndicated borrowings from regional institutions to come out of Libya.
Syndication is due to close in early February of a $750 million murabaha facility being taken out by Kuwait's MTC. Signing of the one-year facility, which pays 50 bp for the first six months and 60 bp for the remainder, is due shortly after. A six-strong group of banks is arranging the loan, which will part-pay for the acquisition of Amsterdam-based Celtel (MEED 13:1:06).A $70 million murabaha facility for Isfahan Steel Company is in documentation and is due to be signed in mid-February. ABC Islamic Bank and Emirates Islamic Bank are arranging the three-year facility, which is priced at 348 bp (MEED 25:11:05).Syndication is due to be launched in late February on the $153 million, 12-year project financing for United Stainless Steel Company to fund its planned plant at Hidd in Bahrain. ABC is financial adviser and sole MLA (MEED 16:12:05).
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