FGB completes $1 billion three-year loan

UAE's First Gulf Bank (FGB) has raised a $1 billion loan. (File)

First Gulf Bank (FGB), the third-largest lender by assets in the UAE, has raised a $1 billion loan to be used for general financing purposes, the lender said in a statement on Sunday.

The bank will pay 70 basis points over the London interbank offered rate (Libor) for the three-year facility, which is structured as a bullet loan which means the principal will be repaid at the end of the term.

The terms are the same as reported by Reuters last week, citing sources.

Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi, Barclays, BNP Paribas, Citigroup, Commerzbank, Deutsche Bank, HSBC, ING, Mizuho, Natixis, Sumitomo Mitsui Banking Corp, UniCredit and Wells Fargo Bank were mandated lead arrangers and bookrunners for the transaction, the statement added.


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