Emirati jewelry vendor Damas has finalized a 165 million Emirati dirham ($44.9 million) syndicated term loan facility. Originally opened to raise $30 million, the facility became oversubscribed increasing the loan’s total, reported Gulf News.
The facility has a door-to-door tenor of three years and will be used for their general corporate financing for long-term working capital requirements. The repayment source will be through credit card sales generated by Damas' retail network.
Standard Chartered Bank was the facility’s only book runner and facility agent and Mashreqbank acted as documentation agent. Co-arrangers were Ahli United Bank, Emirates Bank International, First Gulf Bank and United Bank and lead managers included Al-Omani Al-Fransi, Grindlays Qatar Bank and Habib Bank.
Standard Chartered Bank started in 1958 in the United Arab Emirates (UAE) with its first branch in Sharjah. The Group's business gradually increased in Dubai with the opening of several branches and today, Dubai is the administrative hub of the Middle East and South Asia Region. — (menareport.com)
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