Business | Banking
Global seeks $410m to finance stake in NBQ
Kuwait's Global Investment House has launched syndication of a $410 million three-year term loan backing its acquisition of a 20 per cent stake in National Bank of Umm Al Quwain. (NBQ)
- Reuters
- Published: 21:18 September 5, 2008
London: Kuwait's Global Investment House has launched syndication of a $410 million three-year term loan backing its acquisition of a 20 per cent stake in National Bank of Umm Al Quwain (NBQ).
The company said in a press release financing will also be used for general corporate purposes.
The loan was launched on Wednesday via arranging banks BNP Paribas and WestLB.
Meetings for potential lenders will take place in Dubai, Singapore, Taipei and London during the week beginning September 15. The loan pays a margin of 175 basis points (bps) over Libor.
Lenders to the financing are invited to commit to the financing on four tickets of $30 million, $20 million, $10 million or $5 million, for fees of 120 bps, 100 bps, 85 bps or 75 bps respectively.
Global tapped the loan market in February this year for a $200 million 12-month loan via WestLB. That loan paid a margin of 60 bps over Libor stepping up to 90 bps after six months.
Founded in 1998, Global is listed on both the Kuwait and Bahrain Stock Exchanges and Dubai Financial Market.
The company is rated 'BBB' by both Fitch Ratings and Standard & Poor's.
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