Dubai: The National Bank of Fujairah PJSC (NBF) on Tuesday announced that NBF Capital Limited, a fully-owned subsidiary of NBF has raised Dh1 billion on behalf of Pacific Control Systems LLC.
NBF Capital, regulated by the Dubai Financial Services Authority, acted as the exclusive financial adviser for the syndication.
The deal was originally valued at Dh750 million but was oversubscribed by 33 per cent, receiving Dh1 billion in total commitments. It was underwritten by NBF and Al Khalij Commercial Bank (Al Khaliji) QSC. Both banks also served as mandated lead arrangers, with NBF also acting as global facility agent for the transaction.
The other participating banks in this transaction are: Al Khaliji France SA, Dubai Islamic Bank, United Arab Bank, National Bank of Oman, Ajman Bank and Sharjah Islamic Bank.
Dubai Islamic Bank also served as the investment agent for the syndication.
Pacific Control Systems (Pacific Controls) is a leading provider of information communication technologies (ICT) globally. The company intends to use the deal — which has a tenor of 72 months — to finance its expansion and working capital requirements.
The syndication, a combination of conventional and Islamic financing structures, was Pacific Controls’ second syndication over the past three years; its first club deal was facilitated by NBF in 2012, before the formation of NBF Capital. Then, the bank acted as mandated lead arranger, bookrunner and underwriter for the syndication, which amounted to Dh265 million.
“This latest transaction will further bolster NBF Capital’s track record going into 2015. With this achievement, NBF Capital would have completed over $250 million (Dh918.25 million) in transactions in the first quarter alone, proof of not just the growing demand for tailored, sophisticated financial advisory within this market, but further validation of our ability to support corporates as they embark on the next stage of growth,” said P.B. Das, senior executive officer of NBF Capital.
