Bahrain-based Gulf International Bank (GIB) has been mandated by Kuwait’s Commercial Facilities Company to arrange a $100 million syndicated term loan facility. The facility has been fully underwritten by GIB.
The four-year loan pays 0.95 percent over Libor and will be used for general corporate purposes, said a press release. The amount has been successfully raised and GIB has been joined by a number of local, regional and international banks. The signing of the facility agreement is expected to be in February 2004.
GIB is a Middle East merchant bank with a principal focus on the Gulf Cooperation Council (GCC) states. The six GCC governments, Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the United Arab Emirates (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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