Bank of Sharjah, announced the successful closure of a US$150 million club term-loan facility, which exceeded by 50 per cent the initial target amount of US$100 million, highlighting lender confidence in the bank. The first term loan to a GCC-based bank since the start of the global financial crisis, the success of this transaction is testament to Bank of Sharjah’s financial strength and reputation, and also reflects growing demand for sound investment-grade assets in the region. This loan effectively replaces a US$200 million term loan, which closed oversubscribed in June 2007, and was repaid during June 2010.
Mandated Lead Arrangers for the facility include: Commerzbank Aktiengesellschaft, Intesa Sanpaolo S.p.A., National Bank of Abu Dhabi P.J.S.C., UniCredit Group and Wells Fargo Bank, N.A. The facility carries a margin of 1.50% per annum, and has a maturity of one year. The proceeds of the facility will be used by Bank of Sharjah for its general corporate purposes.