Al Ahli Bank of Kuwait has announced that it has successfully closed a $825 million loan facility in co-operation with a group of 13 global investors from North America, Europe, Asia and the Middle East.

 

The 37-month long facility is the largest financing secured by a Kuwaiti financial institution since January 2010. It has been designed to be used for general corporate purposes and working capital requirements.  

 

On the successful deal close, ABK said the syndication was launched in October and the facility was signed the very next month in Kuwait.

 

The deal was well received in the international and regional markets and ABK succeeded in increasing the financing from the initial launch amount, after achieving an oversubscription of almost 30%, it stated.

 

Citibank, NA, London Branch and Sumitomo Mitsui Banking Corporation, DIFC Branch acted as joint co-ordinators for the transaction, together with Abu Dhabi Commercial Bank, First Abu Dhabi Bank, HSBC Bank Middle East, Industrial and Commercial Bank of China, Dubai (DIFC Branch), Mizuho Bank as the initial mandated lead arrangers and bookrunners. 

 

The Saudi British Bank and Mashreqbank were the mandated lead arrangers, the Saudi National Bank  lead arranger and Standard Chartered the arranger.

 

ABK Group CEO George Richani said: "We are proud of the successful closing of this facility, which is evidence of the trust worldwide investors have in ABK, its strategy, and future outlook."

 

"This facility is the largest in our history and will enable us to continue growing, expanding our business, and strengthening our relationships," stated Richani.

 

General Manager (Treasury and Investment) Noura Abdulmohsen Alduweesh said: "Amidst a period of market uncertainty, this financing was oversubscribed which is a testament to the strength and reputation of ABK in regional and international markets."

 

"ABK’s position and vision helped in closing the facility in a short period of time, we thank the respective transaction teams for their diligence and hard work," he noted.

 

ABK-DIFC General Manager and Senior Executive Officer Rami El Rifai said the deal falls in line with its vision to become a gateway for international business and provide infrastructure support for the ambitions of ABK.

 

"We strongly value our growing relationships around the globe and will work towards reinforcing these partnerships," he added.-TradeArabia News Service