Bank of Sharjah closes $150m term loan
Dubai, August 22, 2010
The UAE's Bank of Sharjah closed a $150 million club term-loan, higher than its initial target of $100 million, reflecting growing demand for investment grade assets in the region, the lender said on Sunday.
The loan, which will be used for general corporate purposes, is the first term loan to be closed by a bank based in the Gulf Cooperation Council (GCC) since the financial crisis, Bank of Sharjah said in a statement.
The company added that the facility will carry a margin of 1.5 percent per year and has a maturity of one-year. It will replace a $200 million term loan, which closed in 2007, and was repaid in June 2010.
Lead arrangers for the loan were Commerzbank Aktiengesellschaft, National Bank of Abu Dhabi, Intesa Sanpaolo, UniCredit Group and Wells Fargo Bank.- Reuters
More Finance & Capital Market Stories
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards