Mubasher: Doha Bank on Wednesday announced that it has successfully closed a $525 million syndicated senior unsecured term loan facility with a group of international and regional lending institutions.
The Qatari lender noted that the loan will be allocated for general working capital purposes, according to a statement to the Qatar Stock Exchange (QSE).
The facility carries a margin of 100 basis points per annum over USD LIBOR interest rate and has a bullet repayment at the end of the two-year tenor, the statement added.
“The syndicated transaction was significantly oversubscribed and Doha Bank was able to upsize the facility from the originally target size of USD 400 million due to the excellent support from its relationship banks,” R Seetharaman, CEO of Doha Bank, said.
Book runners and mandated lead arrangers include Australia and New Zealand Banking Group Limited, Commerzbank Aktiengesellschaft, Filiale Luxemburg, ING Commercial Banking, Mizuho Bank, MUFG Ltd and Wells Fargo BankN.A,London Branch, while the Commercial Bank of Qatar (CBQ) joined as lead arranger.
“This is a reflection of the strong relationships Doha Bank enjoys with its lending group and a testament to the continued confidence these international banks place in both Doha Bank and the Qatari economy,” Seetharaman added.
By 11:43 am Qatar time, Doha Bank’s stock rose 0.24% at QAR 21.11.
