By Christopher Mangham
Calyon's Saudi affiliate raises loan amount to $525mn from $300mn on 3- and 5-year repayment terms.
Banque Saudi Fransi, Saudi Arabia's fifth-largest bank by assets, has increased a syndicated loan to $525 million from $300 million after the deal closed oversubscribed, the arranging banks said on Monday.
The deal, raised over $570 million in the market, bookrunners Calyon, Intesa Sanpaolo, RZB, SMBC and WestLB said.
The deal, which is for general corporate purposes, is split between a $183 million, three-year tranche A paying a margin of 70 basis points (bps) over LIBOR and a $342 million, five-year tranche B that pays 100 bps.
Participating banks were able to commit to either tranche or both tranches.
Lenders were invited to commit at one of four levels and the top $35 million ticket paid an upfront fee of 60 bps on the A tranche and 125 bps on the B facility.
Banque Saudi Fransi last tapped the loan market in June 2005, when it signed a $650 million, five-year term loan that paid a margin of 35 bps.
Calyon holds an equity interest of 31.1 percent in the borrower.
The bank is rated A by Fitch and Standard & Poor's, and Aa3 by Moody's. (Reuters)