International consortium arranges $250 million syndicate for Commercial Bank of Kuwait
Arab Banking Corporation (ABC) and Sumitomo Mitsui Banking Corporation Europe have been mandated to arrange and syndicate, on behalf of Commercial Bank of Kuwait, a three-year $250 million term loan facility.
Proceeds of the facility will be used for general funding purposes and the transaction will carry a margin of 40 basis points per annum plus front-end fees. The senior stage of syndication of the facility was launched December 8, 2003, to regional and international relationship banks of Commercial Bank of Kuwait. The response has been very positive with SANPAOLO IMI joining the transaction as Lead Arranger and sub-underwriter.
ABC and Sumitomo Mitsui Banking Corporation will act as Joint Bookrunners. In addition, ABC will act as the Facility Agent and Sumitomo Mitsui as Documentation Agent.
The Commercial Bank of Kuwait was established in 1961 and is the third largest commercial bank in Kuwait by asset size and capitalization. The Bank operates the second largest retail network in Kuwait with 36 branches giving it a strong position in the domestic retail market. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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