USD 500 Million Syndicated Term Loan Facility for Mashreq
07 August 2007
Dubai,United Arab Emirates - BNP Paribas and Mizuho Corporate Bank, Ltd. (“Mizuho”) (the “Mandated Lead Arrangers and Bookrunners”) are pleased to announce the successful closing of the syndication of the USD 500million Syndicated Term Loan Facility for Mashreq P.S.C. Mizuho is Facility Agent and BNP Paribas is Documentation Agent.The Facility is for the general funding purposes of Mashreq including refinancing a USD 250 million five-year term loan facility dated 14th December 2005. The five-year term loan pays a margin of 0.25% per annum over LIBOR.
The syndication was originally launched for USD 400 million on 8th June 2007, but closed significantly oversubscribed. The Borrower elected to increase the Facility amount to USD 500 million. The deal was signed 24th July 2007.
Mashreq was established in 1967. It is today one of the major financial institutions in the UAE, ranking fifth overall in terms of assets and it is by far the largest privately owned bank in Dubai.
Mashreq is a full service commercial bank with a strong domestic franchise in retail and corporate banking. Although the bank’s focus is currently very much in the UAE market, it has an extensive international presence, with branches/subsidiaries across seven countries: Bahrain, Egypt, Hong Kong, India, Qatar, the UK and the USA.
As at 31 December 2006, Mashreq had a total asset base of USD 15.4bn. The shares of Mashreq are listed on the Dubai stock exchange with a current market capitalisation cEUR4.1bn.
Mashreq enjoys favourable credit ratings from Moody’s, S&P and Fitch of A2, A and A respectively.
For any further enquiries, please contact any of the Bookrunners below:
| BNP Paribas
Sue Mingay +44 207 595 3455 | Mizuho Corporate Bank, Ltd. Terry Miller/ Farris Mellor +44 207 012 4845/ 4869 |
| Bank | |
| Bookrunners | |
| BNP PARIBAS | |
| Mizuho Corporate Bank, Ltd. | |
| Mandated Lead Arrangers | |
| Bank of America Bank of America, N.A. | |
| BTM The Bank of Tokyo-Mitsubishi UFJ, Ltd. | |
| Commerzbank Aktiengesellschaft | |
| DBS Bank Ltd | |
| Erste Bank | |
| ING Wholesale Banking | |
| Soc Gen SOCIETE GENERALE Corporate & Investment Banking | |
| Wachovia Bank, National Association | |
| Arrangers | |
| CALYON | |
| Co-Arrangers | |
| ABN AMRO Bank N.V., Dubai Branch | |
| Citi | |
| RBS The Royal Bank of Scotland | |
| Lead Managers | |
| ARAB NATIONAL BANK | |
| Banca Monte dei Paschi di Siena SpA, London Branch | |
| The Bank of New York | |
| Barclays Bank PLC as Lender | |
| BCEE Banque et Caisse d’Epargne de l’Etat, Luxembourg | |
| Commonwealth Bank of Australia | |
| Deutsche Bank AG | |
| Intesa Sanpaolo S.p.A., Singapore Branch | |
| JPMorgan Chase Bank, N.A. | |
| KBC Bank NV Dublin Branch | |
| LBBW Landesbank Baden-Wurttemburg, London Branch | |
| WestLB AG | |
| Managers | |
| UBAFUnion de Banques Arabes et Françaises – U.B.A.F. | |
| UBS Investment Bank | |
| BANCO POPULAR ESPAÑOL S.A. | |
| Total | 500,000,000 |