United Arab Bank obtains landmark club loan facility
- United Arab Emirates: Saturday, December 29 - 2012 at 08:27
- PRESS RELEASE
United Arab Bank has obtained a club loan facility of $125m in a landmark deal for the Bank. Commerzbank acted as the Co-ordination and Facility Agent as well as a Mandated Lead Arranger.
Backed by a strong balance sheet, United Arab Bank has obtained this facility for two years, extendable to three, at a margin of 150 Basis Points over LIBOR.
Funds will be used for general corporate purposes.
Speaking on this achievement, Paul Trowbridge, Chief Executive Officer of United Arab Bank, said, "I am delighted that this landmark deal has been completed, with the support of key relationship banks from the local and international markets. The transaction affirms UAB's fundamental strengths and reinforces our commitment to be a key player in the UAE market. I would also like to acknowledge the strategic guidance offered by our board of directors."
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of Mediaquest FZ LLC. Mediaquest FZ LLC is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.