Abu Dhabi: Union National Bank (UNB), has completed its $750 million three-year loan facility on October 6.
The transaction was oversubscribed, leading to an increase of the facility size to $750 million — up from the original launched amount of $500 million.
The Abu Dhabi-based bank will be paying a margin of 75 bps per annum above US Libor. The facility has a bullet repayment at the end of the three-year tenor.
“This new financing is part of our long term strategy for diversified sources of liquidity to achieve the targeted growth rates. The aggressive pricing and significant lenders’ appetite for the transaction is a reflection of the markets confidence not only in UNB as borrower but as a leading bank in the UAE as well,” said Mohammad Nasr Abdeen, chief executive officer of UNB Group.
Commerzbank Aktiengesellschaft, Filiale Luxembourg, First Gulf Bank, HSBC Bank Middle East, National Bank of Abu Dhabi, and Standard Chartered Bank were mandated as underwriters, mandated lead arrangers, and bookrunners for the transaction.
Seven other regional and international financial institutions joined the transaction as lenders.
