Gulf International Bank (GIB) and Kuwait-based Commercial Facilities Company (CFC) have signed a $100 million syndicated term loan facility that has been arranged and fully underwritten by GIB.
The loan facility was signed at GIB's head office in Bahrain. The four-year loan pays a margin of 0.95 percent over Libor and will be used for general corporate purposes. The amount has been successfully raised and GIB has been joined by a number of local, regional and international banks, according to a press release.
GIB is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. The six GCC governments, Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the UAE, own 72.5 percent of the bank, while the Saudi Arabian Monetary Agency and JP Morgan Overseas Capital Corporation own 22.2 percent and 5.3 percent respectively. — (menareport.com)
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