Dresdner Kleinwort Wasserstein has successfully concluded a $50 million syndicated term loan facility for National Bank of Fujairah (NBF), as the sole mandated lead arranger. The facility was signed by a power of attorney on August 2, 2002, according to an NBF press release.
The main objective of the three-year facility was to refinance the borrower's 1999 facility and general funding purposes and the margin paid was of 0.475 percent annum. The facility has been launched as the first syndicated loan facility after September 2001. It has been closed substantially over-subscribed. The facility’s availability period of 12 months allows NBF to defer draw for up to one year.
The arrangers in the facility were Abu Dhabi Commercial Bank, American Express Bank, ING, LRP Landesbank Rheinland-Pfaiz, Raiffeisen Zantralbank Osterreich Aktiengesellschaft and Wachovia Bank N.A., while Bayern LB and Lloyds TSB Bank plc participated as lead managers and Arab Bank Aktiengesellschaft as manager with a fee of 32.5bp.
NBF was incorporated in October 1982 with an initial share capital of 150 million Emirati dirhams. Banking operations commenced in September 1984, with a branch in Fujairah. Within a few months, branches had also been opened in Abu Dhabi and Dubai, where the focus of business to the present time has been on the finance of foreign trade and, to a lesser extent in Abu Dhabi, on the contracting and construction industries, oil and gas related projects.
In 1995, the Bank doubled its capital by means of a share issue to existing shareholders, which was fully subscribed. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
