GIB in $100m loan facility for UAE firm
Manama, May 27, 2008
Bahrain-based Gulf International Bank (GIB) has arranged a $100 million syndicated term loan facility for the UAE-based New Medical Centre (NMC).
GIB acted as sole coordinator and mandated lead arranger for the facility, which will be used to refinance and expand the group’s healthcare business in the country.
GIB arranged the term loan as a club deal, which was joined by National Bank of Oman, United Arab Bank, Bank of Bahrain and Kuwait, Bank Muscat and Union National Bank.
NMC is a diversified business conglomerate with operations in healthcare, trading, financial services, pharmaceutical manufacturing, hospitality, information technology, food services, and advertising.
NMC has its roots in the healthcare sector, where it enjoys good reputation, for more than 30 years by managing a chain of specialty hospitals, day care centers, family clinics, and pharmacies throughout the UAE. As a part of the expansion strategy, NMC has embarked on an ambitious plan to construct new healthcare facilities and to expand the existing ones in the different emirates of UAE.
During the signing ceremony of the facility in Abu Dhabi recently, Dr B R Shetty, managing director and CEO of NMC, said: “We are glad to partner with a leading international financial institution like GIB to fund our expansion programme. We strongly believe that this partnership will be beneficial to both NMC and GIB.”
Abdulla Al Mazroei, chairman of NMC, echoed similar sentiments. He said: “The successful completion of the syndicated loan facility with GIB is a testament to the confidence entrusted by financial institutions on NMC and gives us a lot of confidence to execute our expansion plans.”
GIB is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. –TradeArabia News Service