Doha: Commercial Bank has successfully closed a dual tranche 3- & 5-years $750m Asian syndicated term loan facility led by Mizuho Bank as coordinator and arranger.
The syndication was launched at an initial value of $400m. The transaction received strong interest from the market and closed significantly oversubscribed at a value of $940m, demonstrating investor confidence in Commercial Bank’s financial performance and management, as well as the strength of the Qatari economy.
Ultimately, the Bank decided to close the facility at a higher facility amount of $750m, reflecting its strong liquidity position. The proceeds from the facility were used to replace an existing facility and for Commercial Bank’s general funding requirements.
Commercial Bank’s GCEO Joseph Abraham said: “Commercial Bank is executing well on its strategic plan which is recognised by the market and has a strong track record of international funds and debt issuance, reflected in the quality and geographical diversity of the participating banks. I would like to thank our Coordinator Bank and other partners for their support in making this transaction such a success”.
EGM for International Banking Fahad Abdulrahman Badar added: “The oversubscription was by 2.35x with competitive pricing and well-diversified lenders showing the confidence of the Asian investor community in the strength of Qatar’s banking system”.
