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Tue 14 May 2002 04:00 AM

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Qatar signs $550 mln syndicated bank loan

Arab Banking Corporation, Gulf International Bank and Sumitomo Mitsui Banking Corporation announced a five-year US$550 million term loan facility on behalf of the Government of the State of Qatar yesterday.

Arab Banking Corporation, Gulf International Bank and Sumitomo Mitsui Banking Corporation announced a five-year US$550 million term loan facility on behalf of the Government of the State of Qatar yesterday. The syndication achieved a significant oversubscription with commitments in excess of US$600 million, the facility amount was increased from the initial launch size of US$450 million to US$550 million.A banker close to the deal told ITP.net, “There are four specified facilities which the State of Qatar has with different syndicate banks and the loan will be used for general refinancing including corporate financing and debt repayments.” According to the banker, the loan was granted at 52.5 basis points over London Interbank Offered Rate (LIBOR).Twenty-six banks, with strong representation from both the regional and international bank market, participated in the financing.

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