Middle East Loans
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Five banks have completed syndication of a $100m loan for Oman’s Bank Dhofar. The loan fills a funding gap while the bank waits to sell its first medium term note, the chief financial officer told GlobalCapital. -
Abu Dhabi investment firm Waha Capital has signed a $500m loan with a number of international banks from the original facility missing from the refinancing.
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Mobile Telecommunications Company Saudi Arabia (Zain) has refinanced a syndicated loan it signed in June for a cheaper, longer dated bilateral deal from ICBC.
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Aluminium Bahrain (Alba) is finalising its seven year loan this week and will increase the deal beyond the $750m starting size after enjoying a strong oversubscription.
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Abu Dhabi investment firm Waha Capital is in the market for a loan, with FGB and HSBC in lead roles, according to two bankers.
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The Saudi British Bank (SABB) is syndicating a rare dollar loan co-ordinated by its 40% owner, HSBC. The loan is for $400m, one banker said.
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Qatar's Commercial Bank has signed a $166m loan from a group of Asian lenders, mostly Japanese, extending a trend of Middle Eastern borrowers heading east for cash.
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Omani borrowers have lit up the loan market with deals this year but Bahrain — another country vulnerable to oil price shocks — has seen little deal flow. Two large dollar deals for Bahraini borrowers in recent weeks, however, have shown the country is back in the fray.
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Oman Shipping Company is syndicating an underwritten loan, after other state-owned Oman firms PDO and Dhofar Power Company wrapped up deals in recent weeks.
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Kuwait’s Equate bargained hard on the terms of its latest $5bn bridge loan refinancing, bankers said, and the syndicate for the latest loan shrunk as some lenders passed on the deal.
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United Arab Bank’s has signed up four more banks to join the three initial leads on its latest $150m two year loan.
