Kuwait-based Commercial Facilities Company (CFC) and Gulf International Bank (GIB) have recently signed a US$175 million five-year syndicated term loan facility, which has been arranged and fully underwritten by GIB.
The facility was signed in Bahrain last week. Mr. Abdullah Saud Al-Humaidhi, Chairman and Managing Director of CFC and Mr. Abbas Ameeri, Managing Director – Merchant Banking of GIB, attended the signing ceremony. Representatives from the other 15 participating local and international banks were also present.
The facility was initially launched at US$150 million. Due to a very positive response from the market, the deal was oversubscribed and the amount was raised to US$175 million. The term of the facility is 5 years with a margin of 0.875 per cent over LIBOR.
BNP Paribas and Qatar National Bank both have joined the Facility at pre-launch stage as sub-underwriters.
At the signing ceremony, Mr. Al-Humaidhi thanked the participating banks for their positive response and strong support to CFC. Speaking on behalf of the lead arrangers and the banks, Mr. Ameeri congratulated CFC on the successful placement of this loan, and on its success in establishing a leading position in the Kuwaiti market.
Commercial Facilities Company is the leading specialized consumer finance company in Kuwait, and the largest in terms of total assets and shareholder equity. It was established in 1977, as the first specialized company providing credit facilities to consumers in Kuwait, and it is listed on the Kuwait Stock Exchange.
The following Banks are in the Facility:
Mandated Lead Arrangers
• Gulf International Bank B.S.C.
• BNP Paribas
• Qatar National Bank
Lead Managers
• Commercial Bank of Qatar
• Emirates Bank International
• Raiffeisen Zentralbank Österreich Aktiengesellschaft
• Union National Bank
Manager
• National Bank of Egypt (UK) Limited
Co-Managers
• BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft
• Barclays Bank PLC
• Malayan Banking Berhad, London Branch
• National Bank of Bahrain
Participants
•
• British Arab Commercial Bank Limited
• The Housing Bank for Trade & Finance
• State Bank of India – OBU, Bahrain
Enquiries:
Saleh Al-Jaroodi, Gulf International Bank, Tel: 00973 17522553.
