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DUBAI / WAM
United Arab Bank (UAB) announced the successful conclusion of its $185 million syn- dicated term financing facilities signed on July 30.
The two-year bullet term financing facilities comprise a conventional facility and a commodity murabaha financing facility, each carrying a margin of 1.50 % p.a. over Libor. Both facilities have a 1-year extension option at the end of second year at the discretion of each lender. Proceeds of the facility will be used for general corporate purposes and the refinancing of an existing syndicated facility.
The facilities were initially launched at $150 million and due to an oversubscription the facility closed at $185 million.
The transaction was arranged by Bank ABC, Commerzbank Aktiengesellschaft, Filiale Luxemburg (Commerzbank) and Emirates NBD Capital Limited
as Mandated Lead Arrangers and Bookrunners.
Further, Emirates NBD Capital Limited acted as Coordinating Bank and Documentation Agent, and Emirates NBD Bank as the Global Facility Agent.