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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.