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Ras Al Khaimah / Emirates Business
Bank ABC (Arab Banking Corporation (B.S.C.)), First Abu Dhabi Bank PJSC (FAB), and Standard Chartered Bank, acting as the Initial Mandated Lead Arrangers and Bookrunners, successfully closed a debut $350 million
3-year Syndicated Term Loan Facility for The National Bank of Ras Al Khaimah, (RAKBANK).
The Facility was signed on October 9 and will be utilized by RAKBANK for general funding purposes.
The syndication was launched at $250 million on August 8 and the facility was well received by the market and oversubscribed on the back of strong participation from regional and international banks. RAKBANK decided to upsize the facility size to $350 million. A total of 22 banks from the GCC, Europe and Asia participated in the Facility.
RAKBANK is rated Baa1 (stable) by Moody’s and BBB+ (stable) by Fitch Ratings.