Two syndications out to market

11 November 2005
Two new financial institution syndications are in the pipeline. Al-Rajhi Banking & Investment Corporationhas mandated arrangers for its debut borrowing while syndication has been launched of a term loan facility for Mashreqbank.
Two new financial institution syndications are in the pipeline. Al-Rajhi Banking & Investment Corporationhas mandated arrangers for its debut borrowing while syndication has been launched of a term loan facility for Mashreqbank.

Arab Bank, Calyon, Gulf International Bank, Malayan Banking Berhad, Standard Chartered Bank and West LBhave been appointed mandated lead arrangers (MLAs) on a $300 million syndicated murabaha facility for Al-Rajhi. Syndication is due to be launched imminently on the three-year deal. Calyon is also acting as financial adviser.

Banc of America Securities, the investment banking subsidiary of Bank of America, and BNP Paribasare arranging the $200 million, five-year loan for Mashreqbank. The margin is 30 basis points (bp) and tickets of $20 million, $15 million and $10 million are on offer, paying fees of 27.5 bp, 22.5 bp and 17.5 bp. The funds will be used both for general corporate purposes and to refinance an existing loan.

Several corporate deals for UAE-based institutions are also in the syndication phase. These include loans for Dubai Investments Park, Emirates Trading Agency and Al-Jaber Group(MEED 28:10:05).

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