UAB front-loads syndicated term loan to $195m
The proceeds of the facility will be used for general corporate purposes
DUBAI. United Arab Bank said it has concluded of its $195 million 2-year syndicated term loan facility, 30 per cent more than the original planned amount of $150 million.
“The proceeds of the facility will be used for general corporate purposes,” the bank said in a statement posted on Abu Dhabi Securities Exchange.
The transaction was arranged by Abu Dhabi Commercial Bank, Bank ABC, Commerzbank Aktiengesellschaft, Filiale Luxembourg, Emirates NBD Capital Limited and Intesa Sanpaolo, Dubai Branch as mandated lead arrangers and bookrunners. Further, Bank ABC acted as coordinating bank and Commerzbank as the facility agent.
UAB shares closed flat at Dh1.24 in a strong Abu Dhabi market. The Abu Dhabi Securities Exchange general index closed nearly 1 per cent higher at 5,003.37.