BMI signs deal for $120 million term-loan facility
Bahrain based BankMuscat International (BMI) has announced the successful close and signing of its three-year syndicated term-loan facility at a signing ceremony held this morning at the Ritz Carlton Hotel. The general syndication received strong support from the international bank market and the facility was oversubscribed by 60%. As a result, the loan amount was increased from the initial $75 million to $120 million. The signing ceremony was attended by Shaikh AbdulMalik bin Abdullah Al Khalili, Chairman of BMI, Mr. AbdulRazak Ali Issa, Chief Executive of BankMuscat and senior representatives of BMI as well as other Mandated Lead Arrangers and the participating banks.
“The response from the regional and international banks and financial institutions in the Far East, Australia, Europe and Middle East was a result of BMI’s strong reputation as well as overall strong economy of Bahrain. I would like to thank all participating banks for their support and look forward to forging better relationships with these banks”, commented Sheikh AbdulMalik bin Abdullah Al Khalili, Chairman of BMI
The representatives of the following 16 institutions attended the signing ceremony: BankMuscat S.A.O.G.; Commerzbank Aktiengesellschaft; Mizuho Corporate Bank Ltd.; Arab Banking Corporation; Bayerische Landersbank; Gulf International Bank; Lloyds TSB Bank; National Bank of Dubai; Commonwealth Bank of Australia; CITIC Ka Wa Bank Limited; First Commercial Bank Ltd. London Branch; ICBC (London) Limited; LRP Landesbank Rheinland-Pfalz - Member of LBBW Group; Raiffeisenlandesbank Niederoesterreich - Wien AG; DEPFA Investment Bank Ltd and Union de Banques Arabes et Francaises – U.B.A.F.
Commenting on the successful closing of the syndication, Abbas Al Derazi, General Manager of BMI said:
“The Syndication received strong support from the banking market and in total the commitments amounted to $120 million. As a result, BMI elected to increase the facility amount from the initial $75 million to $120 million. This is our first term-loan facility and we will continue to work closely with the banking and financial community in the future with the aim of stepping up our domestic growth strategy.”
The syndication was launched on the 5th of June 2007.
BMI is currently rated as “Investment Grade” by leading rating agencies attributing “profitable profile, diversified revenue streams and strong support from shareholders who comprise of some of the strongest and highly respected financial institutions from across the GCC region including BankMuscat (Oman), Royal Court Affairs (Oman), Overseas Investments (Bahrain), Istithmar (UAE) and Global Investment House (Kuwait).”
About BankMuscat International (BMI)
BMI, set up in January 2005, registered in Bahrain and regulated by the Central Bank of Bahrain. BMI has been set up in association with some of the strongest and most respected financial institutions from across the GCC region including BankMuscat SAOG (Oman), Royal Court Affairs (Oman), Overseas Investment (Bahrain), Istithmar (UAE) and Global Investment House (Kuwait). BMI was set up with a vision to become a dynamic regional bank providing innovative and unique financial solutions.