UGB skips refi to pay down debt

20 Jun 2012

Bahrain’s United Gulf Bank (UGB) announced on Wednesday that it has fully repaid its $200m five year loan signed in June 2007. The bank does not plan to replace the loan with another facility, said Masaud Hayat, UGB chairman.

“The source of this loan repayment is completely from self-generated funds,” Hayat added.

Deutsche Bank and RBS were bookrunners on the 2007 deal. They were joined by 16 other regional and international banks, including Asian lenders. The facility paid a margin of 75bp over Libor and a participation fee ...

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