CBQ signs $120 million syndicated loan facility
The Commercial Bank of Qatar (CBQ) has obtained a $120 million three-year Term Loan Facility from a group of international banks. The loan, which was oversubscribed, refinances an existing three-year $120 million loan signed in May 2000, stated a press release.
The new three-year bullet loan pays a margin of 0.475 percent pa over London Interbank Offered Rate (LIBOR). Lead Arrangers for the loan are the Arab Banking Corporation, the Bank of Tokyo-Mitsubishi and National Bank of Abu Dhabi.
The bank group also includes 13 other prominent regional and international banks including the Arab Bank, The Arab Investment Company, Commerzbank, Doha Bank, National Bank of Bahrain, National Bank of Dubai, National Bank of Kuwait and Wachovia Bank all acting as arrangers.
The Abu Dhabi Investment Company, First Gulf Bank, Hua Nan Commercial Bank, Raiffeisen Zentralbank Osterreich and Arab Jordan Investment Bank participate acted as facility co-arrangers.
CBQ has investment grade ratings of A3 / P-2 from international credit rating agency, Moody's. Net Income grew by a record 80 percent in 2001, representing the 27th consecutive year of profitable operations. The Bank offers retail, corporate and investment banking services and is the first bank to offer an Internet home banking service in Qatar. — (menareport.com)
© 2002 Mena Report (www.menareport.com)