First Gulf Bank (FGB), one of the UAE’s leading financial institutions with assets of over US$17 billion, has signed a US$825 million five year syndicated club loan with a number of mandated lead arrangers.
The deal will be used for corporate purposes, particularly for giving the bank more scope in its Project Finance arrangements in the Oil & Gas/ Hydrocarbon/ Power and Infrastructure industries.
The five-year club loan has been arranged by 11 leading international banks from around the world. The banks consist of ABN Amro, BOTM UFJ, Calyon, Commerz, CITI, DBS, DZ Bank, ING, Mashreq, RZB and Sumitomo Mitsui Banking Corporation.
The Bank of Tokyo-Mitsubishi UFJ is acting as the agent bank in the deal, whilst Calyon is the Documentation bank.
FGB’s CEO, André Sayegh, said “Partnering with such prestigious names in the world’s banking arena and raising money in the international markets confirms FGB’s ongoing strategy to become a true global bank and to further gain international dimensions. The five-year club loan facility falls in line with our business strategy to participate in public sector sponsored projects, both locally and regionally.”
FGB has a strong pedigree within the global market with Fitch Ratings affirming FGB’s ratings at Issuer Default A+, while Moody's Investors Service has assigned FGB an A2 rating.
© 2007 Al Bawaba (www.albawaba.com)
