Commercial Bank of Qatar says signs upsized $1bln 3-yr loan

Facility will be used to refinance debt including the prepayment of a $600m loan due in February 2016
Commercial Bank of Qatar says signs upsized $1bln 3-yr loan
By Reuters
Wed 09 Dec 2015 11:48 AM

Commercial Bank of Qatar on Wednesday said it had signed a $1 billion, three-year loan for refinancing existing debt and for general funding purposes.

The facility, which pays a margin of 85 basis points over the London interbank offered rate (LIBOR), will be used to refinance debt including the prepayment of a $600 million loan due in February 2016, the lender said in a bourse statement.

Citigroup and National Bank of Abu Dhabi acted as coordinators for the loan, while Bank of America Merrill Lynch, Commerzbank and HSBC were among the dozen other lenders joined the deal.

The transaction size was increased from the original $800 million target due to strong support from its relationship banks, the statement added.

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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.