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Thu 12 Nov 2009 10:38 AM

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Qatar Commercial bank to use bonds for growth

Qatari bank to apply proceeds from $1.6bn bonds to repay debt, future expansion.


Commercial Bank of Qatar

said on Thursday it would use the proceeds raised from $1.6 billion of bonds to refinance debt and fund future expansion.

"
Commercial bank

, through CBQ Finance Limited, ... priced $600 million 10-year subordinated lower tier 2 notes at 7.5 percent and $1 billion 5-year senior notes at 5 percent," it said in a statement on the bourse website. "The proceeds will be used to repay a $380 million syndicated loan facility and to fund future growth.

The bank has a $380 million loan maturing this month, according to financial statements on its website. State and corporate issuers in the world's largest oil exporting region since April have raised more than $20 billion by issuing bonds.

Commercial Bank of Qatar

, which is rated A- by Standard & Poor's and A by Fitch ratings, last came to the market in 2006 with a $500 million bond as part of a $1.5 billion Euro medium term note programme. (Reuters)

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