Bahrain's sovereign fund Mumtalakat Holding Co announced on Tuesday the signing of a $500 million credit facility with a total of six banks.
The loan has been structured as a five-year facility and will be used to refinance existing debt.
The participating banks were named as BNP Paribas, Deutsche Bank Luxembourg, Standard Chartered Bank, the Bank of Tokyo-Mitsubishi, Arab Banking Corporation and National Bank of Bahrain.
BNP Paribas also acted as coordinating Bank, documentation and facility agent for the loan.
The state-owned fund was last in the loan market in September 2013, when it completed a $250 million revolving credit facility through five Bahraini and regional banks.
It sold a $600 million, seven-year Islamic bond in November at 205 basis points over midswaps.
One of the smaller sovereign wealth funds in the Gulf region, Mumtalakat had $7.1 billion of assets under management at the end of September. It holds stakes in 40 firms in the kingdom's non-oil sector, including Bahrain Telecommunications Co (Batelco) and Aluminium Bahrain (Alba).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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