HSBC Investment Bank and Emirates Bank International announced last week that they had managed to syndicate a $60 million term loan facility for United Gulf Bank (UBG). The facility will be used to refinance an existing $38 million syndicated term loan facility for general corporate purposes.
The loan’s two arrangers were joined by Burgan Bank as a co-arranger. The Arab Investment Company, British Arab Commercial Bank, MashreqBank and WGZ-Bank signed on as lead managers, and other managers in the syndication are Chang Hwa Commercial Bank, Abu Dhabi Commercial Bank, Banca Popolare di Novara, Sakura Bank, Housing Bank for Trade and Finance and Industrial and Financial Investments Company.
HSBC late last week said that the syndication was significantly oversubscribed, encouraging UBG to increase the size of the facility to $85 million.
Bahrain-based UBG was established in 1980 and is a subsidiary of Kuwait Projects Company Holding. It is involved in investment banking and has been rated amongst the world's 10 financially stable banks for the past nine years. In September of 1998 it was transformed into an investment bank. The bank has a 70 percent shareholding in Tunis International Bank, a 44 percent shareholding in Jordan Kuwait Bank, and a 23 percent holding in Latvia’s Baltic Transit Bank. – (Albawaba-MEBG)
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