Commercial Bank of Dubai closes $450 million loan — statement

Dubai: Commercial Bank of Dubai (CBD) has closed a $450 million (Dh1.6 billion) loan that will be used for general business purposes, the lender said in a bourse statement on Sunday.

The three-year transaction replaces a loan of the same amount and duration that the bank signed in December 2013 and which was repaid in June, CBD said in the statement.

The new loan carried a margin of 1.25 basis points over the London interbank offered rate (Libor).

Bahrain’s Bank ABC, Citigroup, Commerzbank, Intesa Sanpaolo, National Bank of Abu Dhabi, Standard Chartered and State Bank of India participated in the deal as mandated lead arrangers and bookrunners.

Citing sources, Reuters reported on June 23 that CBD was expected to sign a three-year loan worth up to $500 million to refinance existing debt.