Ahli United Bank (AUB announced the successful completion of a $100 million three-year term loan facility for Bahrain Commercial Facilities Company (BCFC). AUB acted as the Initial Mandated Lead Arranger and Sole Bookrunner for this transaction which was oversubscribed attracting a number of leading banks in the region. The purpose of the facility is to refinance BCFC’s existing term loan and for the general working capital requirements.
“The interest generated in this Facility is a testament to BCFC’s solid and stable financial standing in the market. Success of this transaction reflects underlying strengths, sound business model, strong management expertise, prudent risk management and overall growth strategy adopted by the Company. I would like to thank AUB and the participating banks for the strong support extended in successfully closing this syndication,” Dr. Adel Hubail, Chief Executive Officer of BCFC, said.
“AUB continues to play a key role in supporting and funding local corporates in achieving their growth objectives. BCFC is an important relationship for the Bank and the syndication transaction is a significant achievement amid difficult market conditions. The successful closure of this facility underscores AUB’s commitment to its customers and its syndication capabilities in the region. Credit is also due to fellow participating banks in the transaction,” Prakash Mohan, Group Head of Corporate Banking, AUB, said.
The facility was subscribed by Ahli United Bank B.S.C. (Initial Mandated Lead Arranger & Bookrunner), BBK B.S.C, Gulf International Bank B.S.C (Mandated Lead Arrangers), Ahli Bank SAOG, Arab Bank Plc, Arab Banking Corporation B.S.C., Bank Sohar SAOG and BNP Paribas (Arrangers). Ahli United Bank will also be acting as Facility Agent.