Bank ABC, FAB arrange a US$250 million term loan for BankDhofar

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bank ABC (Arab Banking Corporation) and First Abu Dhabi Bank acted as joint coordinators, underwriters, initially mandated lead arrangers and bookrunners on a US$ 250,000,000, two-year Syndicated Term Loan Facility for BankDhofar.

In addition, FAB is the Agent on the transaction. The Facility, signed on 6 June 2021, will be utilised by Bank Dhofar to refinance an existing US$ 250,000,000 facility dated 13 June 2018.

The syndication was launched in May 2021 and was over two times oversubscribed, thanks to the strong participation of regional and international banks.

Nine banks, excluding the Joint Coordinators, from the GCC, Europe and Asia participated in the Facility. Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait – DIFC Branch, Bank of Baroda, Doha Bank, State Bank of India WBB Bahrain joined as mandated lead arranger. Commercial Bank of Dubai joined as lead arranger.

Banque Du Caire, HSBC Bank Middle East Ltd and Mashreqbank joined as an arranger. BankDhofar’s Chief Executive Officer, Abdul Hakeem Al Ojaili, stated: “Despite continuing challenges in the market, the success and oversubscription of this transaction is an evidence of the confidence in BankDhofar and sovereign by international and regional banks, as well as the long-term credit strength and continued growth of the Omani economy.”