Unicorn announces successful repayment of syndicated facility

Press release
Published February 3rd, 2011 - 11:15 GMT

Unicorn Investment Bank (Unicorn) announces the successful repayment of a US$125,000,000 3-year Syndicated Commodity Murabaha Facility arranged on its behalf by Dubai Bank PJSC (Dubai Bank) and Raiffeisen Zentralbank Österreich AG (RZB) in January 2008. The repayment of the Facility was made upon the due repayment date on the 27th of January 2011. 

Commenting on the successful repayment, Yousef A. Al-Shelash, Chairman of Unicorn, said: “Unicorn’s timely repayment of its syndicated facility without resorting to restructuring demonstrates both the Bank’s commitment and its ability to meet its borrowing obligations on time. Furthermore, I am pleased to report that the Bank was able to achieve the repayment without selling any of its major assets, demonstrating our resolve in avoiding ‘fire sales’ of our portfolio companies.” 

“The repayment has contributed to the reduction of Unicorn’s liabilities from over US$600 million in 2009 to minimal levels currently. Unicorn has no long-term debt at this time, which has strengthened the Bank’s financial position and leaves it well placed to pursue its 2011 business plan,” he added. 

Ikbal Daredia, Acting Chief Executive Officer of Unicorn, commented: “Unicorn has continued to focus very closely on liquidity requirements, and the major deleveraging of the balance sheet that we have been able to achieve will provide a solid basis for balance sheet regeneration in 2011. Although major market uncertainty continues, we are confident that the measures that we have taken leave Unicorn in a strong position to move forward in 2011.”

Background Information

Bank Alkhair

Founded in 2004 and headquartered in Bahrain, Bank Alkhair is an Islamic wholesale bank licensed by the Central Bank of Bahrain, with an international presence in Saudi Arabia, Malaysia and Turkey.

The Bank is also a major shareholder in Burj Bank (formerly Dawood Islamic Bank), Pakistan. Bank Alkhair has completed several landmark transactions since its inception, including the establishment of t’azur, a regional Takaful company; the acquisition of Bahrain Financing Company, the oldest and one of the leading foreign exchange and remittance houses in the GCC; and the successful launch of the Strategic Acquisition Fund, a fund established to acquire strategic stakes in commercial banks globally. 

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