QNB Group closes syndication of $3b 3-year loan facility

Dubai: QNB Group said on Tuesday it has closed syndication of its $3 billion (Dh11 billion) three-year senior unsecured term loan facility.

The syndication was well supported by 20 international banks and was over-subscribed, it said in a statement, adding the interest rate is Libor plus 60 basis points per annum.

The group also announced that it had already prepaid in full the earlier existing loan of $1.8 billion loan prior to issuing the above mentioned new loan Facility.