Abu Dhabi Commercial Bank (ADCB) has closed a $600 million three-year syndicated loan, Wells Fargo, the bank that coordinated the debt transaction, said in a statement.
The facility, which was syndicated to Asian banks, offers an interest rate of 95 basis points over the London Interbank Offered Rate (Libor).
The loan initially closed at $220 million after a limited syndication which saw the participation of seven banks. It was then launched to general syndication on Oct. 6, with the target of reaching a total size of $500 million involving a wider group of Asian investors.
The facility was eventually oversubscribed and ADCB decided to increase the final amount to $600 million.
ADCB, established in 1985 by the Government of Abu Dhabi, is rated A by S&P and A+ by Fitch.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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