Gulf Bank is Mandated Lead Arranger on $5.4 bn loan for SABIC Innovative Plastics

SABIC Innovative Plastics has used the loan to back the $11.6bn purchase of the plastics unit of General Electric Co. Arranged by Citigroup as the book runner, Gulf Bank joined fellow banks ABN AMRO, J.P. Morgan, HSBC and GE Capital as the mandated lead arrangers for the loan. Gulf Bank's participation has been the equivalent of $150m.

The SABIC loan is one of a number Gulf Bank has successfully supported in the region as it continues to play a leading role in supporting investments and economic growth of GCC-based companies and conglomerates, working in partnership with international and regional banks to enable such major loan arrangements.

Gulf Bank's General Manager for International Banking, Mr. Khaled Al-Mutawa, said: "This is one of the many loans where Gulf Bank has been able to play a major role in supporting the commercial aspirations of a major GCC company that is a truly global supplier of top quality products.

"This loan clearly demonstrates and solidifies Gulf Bank's position in the financial sector and we are proud to be working with many of the world's leading financial institutions," he added.

SABIC Innovative Plastics Holding is one of the world's leading plastics producers, having 43 manufacturing facilities located across 20 countries. The company is the world's leading producer of engineering thermoplastics with the largest global capacity and a global leading position in many segments of the plastics market. It has assets of $13.7bn, one the largest among its international competitors.

Gulf Bank's Chief General Manager & CEO, Mr. Louis Myers, commented on the loan: "We are very proud to be a mandated lead arranger for such a prestigious loan deal and be able to contribute in a significant way to the region's most prominent financial transactions."