Gulf Bank & Commercial Bank of Kuwait announced the signing of the loan documentation for a Structured Finance Transaction for Jazeera Airways Group (Jazeera Airways), whereby Gulf Bank was appointed Exclusive Mandated Lead Arranger by Jazeera Airways. The Kuwaiti Dinar financing was split between Gulf Bank, playing the role of Mandated Lead Arranger, Lender, Agent and Security Agent, and Commercial Bank of Kuwait (CBK), who participated as Lender on an equal basis. The signing ceremony took place on Wednesday 12th December 2012, at the Jazeera Airways Head Office in Freedom Town, and was attended by Mr. Marwan Boodai, Chairman of Jazeera Airways, Mr. Michel Accad, CEO of Gulf Bank and Mr. Nuhad Saliba, CEO of Commercial Bank of Kuwait, in addition to a number of senior management from all three organizations.
Mr. Marwan Boodai, Chairman of Jazeera Airways said: “This transaction will assist us by contributing to development and expansion plans we have in place for our airline as part of our growth strategy. We are proud of our relationship with strong strategic financial partners such as Gulf Bank and Commercial Bank of Kuwait, and look forward to growing our business together, with the support of both Gulf Bank and Commercial Bank of Kuwait.”
Mr. Michel Accad, Chief Executive Officer at Gulf Bank said: “We are very pleased to have completed the signing of this transaction. Our Corporate Finance team worked closely with the Jazeera Airways and Commercial Bank of Kuwait teams to ensure that the transaction was completed smoothly and efficiently.
“Gulf Bank looks very positively on collaborations with successful fast growing businesses like Jazeera Airways and plans to pursue more structured transactions in a number of sectors under its Corporate Finance strategy”.
Today’s successful closing follows another recently closed financing transaction for Jazeera Airways Group, when Gulf Bank created history by becoming, for the first time, an Export Credit Agency lender, under a European Export Credit Agencies backed financing deal, for an Airbus A320 passenger plane.
In closing, Commercial Bank of Kuwait’s CEO, Mr. Nuhad Saliba said: “We are extremely pleased to sign this agreement in coordination with Jazeera Airways and Gulf Bank. This agreement is an example of CBK’s intention to contribute to the growth & success of its clients. I would like to take this opportunity to thank our Corporate Credit team & Legal counsel for the smooth execution of this landmark transaction.”