Unicorn repays $125m Murabaha facility
Manama, February 3, 2011
Unicorn Investment Bank has announced the repayment of a $125 million three-year syndicated commodity Murabaha facility.
The facility was arranged on its behalf by Dubai Bank and Raiffeisen Zentralbank Österreich (RZB) in January 2008. The repayment of the Facility was made upon the due repayment date on January 27, 2011, the bank said.
Yousef A Al-Shelash, chairman of Unicorn, said: “Unicorn’s timely repayment of its syndicated facility without resorting to restructuring demonstrates both the bank’s commitment and its ability to meet its borrowing obligations on time. Furthermore, I am pleased to report that the bank was able to achieve the repayment without selling any of its major assets, demonstrating our resolve in avoiding ‘fire sales’ of our portfolio companies.”
“The repayment has contributed to the reduction of Unicorn’s liabilities from over $600 million in 2009 to minimal levels currently. Unicorn has no long-term debt at this time, which has strengthened the Bank’s financial position and leaves it well placed to pursue its 2011 business plan,” he added.
Ikbal Daredia, acting chief executive officer of Unicorn, said: “Unicorn has continued to focus very closely on liquidity requirements, and the major deleveraging of the balance sheet that we have been able to achieve will provide a solid basis for balance sheet regeneration in 2011. Although major market uncertainty continues, we are confident that the measures that we have taken leave Unicorn in a strong position to move forward in 2011.” – TradeArabia News Service