NBAD launches $2.0b Term Loan financing

Dubai: National Bank of Abu Dhabi (NBAD), the largest UAE lender by assets, said the launch of a $2.0 billion (Dh7.34 billion) syndicated loan financing, which will be used to refinance existing bilateral facilities and provide new term funding.

The facility is being self-arranged by NBAD, carries a 3-year bullet maturity, will pay an interest at the rate of Libor plus 0.65 per cent per annum and is expected to be closed and funded prior to year-end. The transaction is being syndicated to existing relationship lenders of NBAD, as well as a selected number of international banks.

“As we approach a merger that will create a larger and stronger bank, NBAD believes this to be the appropriate time to launch a transaction which will help consolidate and define our preferred relationships for the new consolidated entity,” Stephen Jordan, Group Treasurer of NBAD, said.