The Facility was increased from its original launch amount of US$150,000,000 to US$200,000,000 in general syndication attracting a diverse international banking group of twenty banks from Europe, North America, Asia and the Gulf Region to participate in the Facility.
At the signing ceremony, Mr. Hamad A. Mohsen Al-Marzouq, Chairman and Managing Director of The Bank of Kuwait and the Middle East K.S.C. thanked the Lending Banks for their support and commitment to The Bank of Kuwait and Middle East K.S.C. and added that the favourable terms of this agreement are testimony to the solid stature BKME enjoys in the financial market.
On behalf of the Mandated Lead Arrangers and the Participating Banks, Mr. Munawar Ihsan, Head of Syndications at Gulf International Bank B.S.C., congratulated BKME on the successful placement of this Loan for building a strong foundation as the basis of future growth.
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The Bank of Kuwait and the Middle East K.S.C. USD200,000,000 Term Loan Facility
- Bahrain: Thursday, December 23 - 2004 at 08:47
- PRESS RELEASE
Arab Banking Corporation (B.S.C.), Commerzbank Aktiengesellschaft, Dresdner Kleinwort Wasserstein and Gulf International Bank B.S.C (the 'Mandated Lead Arrangers') are pleased to announce that USD200,000,000 3-year Term Loan Facility (the 'Facility') for The Bank of Kuwait and the Middle East K.S.C. (the 'Borrower') has successfully closed oversubscribed and signed in London on Wednesday, 22nd December 2004.
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Banks joining the Facility in syndication are:Arrangers:
• Raiffeisen Zentralbank Österreich Aktiengesellschaft
• Wachovia Bank National Association
• Ahli United Bank
• Bank Fur Arbeit Und Wirtschaft
• Barclays Bank PLC
• BayernLB
• Citibank N.A.
• Gulf Bank K.S.C.
• Mizuho Corporate Bank, Ltd.
• Sumitomo Mitsui Banking Corporation Europe Limited
Lead Managers:
• Baden-Wurttembergische Bank AG
• Deutsche Bank Luxembourg S.A.
• ING Bank N.V.
• Lloyds TSB Bank plc
• SANPAOLO IMI BANK IRELAND PLC
• Union De Banques Arabes Et Françaises - UBAF
Summary details of the Facility:
Borrower: The Bank of Kuwait and the Middle East K.S.C. ("BKME")
Amount: US$200,000,000
Facility Type: Term Loan Facility
Purpose: General corporate purposes.
Term: 3 years from the signing date.
Repayment: Bullet on final maturity date.
Margin: 37.5 bps p.a. over LIBOR
Mandated Lead Arrangers' roles:
Joint Bookrunners: Commerzbank Aktiengesellschaft
Dresdner Kleinwort Wasserstein
Gulf International Bank B.S.C.
Facility Agent: Arab Banking Corporation (B.S.C.)
Documentation Agent: Arab Banking Corporation (B.S.C.)
Information Package: Commerzbank Aktiengesellschaft
Signing Agent: Gulf International Bank B.S.C.
Publicity Agent: Gulf International Bank B.S.C.
BKME's Background:
Bank of Kuwait and the Middle East K.S.C. (BKME) was established in 1971 to take over the local operations of The British Bank of the Middle East. Until 2002, the government of Kuwait was the majority owner of the Bank. Following privatization in 2003, Ahli United Bank (AUB) increased its stake to become the largest shareholder with 47.70% as of 30th September 2004, the second largest shareholder is the International Financial Advisors Company with 25.02% while Wafra International Investment Company holds 6.4% and The Kuwait Investment Authority's stake is currently 4.35%
The Bank operates a network of 18 branches and a specialized financial subsidiary,Kuwait and Middle East Financial Investment Company. BKME is rated A- by capital Intelligence.and BBB+ by Fitch both with a stable outlook.
If there are any questions relating to the above, please contact the undersigned.
Vice President
Syndication Division
Tel. No. +973 1752 2553
Fax No. +973 1752 2633
Posted by Anne-Birte Stensgaard, Senior News EditorThursday, December 23 - 2004 at 08:47 UAE local time (GMT+4)
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