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National Bank of Abu Dhabi (NBAD), the largest UAE lender by assets, announced today the launch of a US$ 2.0 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 + 0.65% 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.
Stephen Jordan, Group Treasurer of NBAD, said: “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.”
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