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12 April 2024

Bahrain's Ahli United extends term loan facility

By Reuters

Bahrain's Ahli United Bank (AUB) has extended the final maturity date of its syndicated term loan facility by six months to April 2012, a statement from one of the bookrunners said.

The loan dated September 5, 2008 was set to mature in October 2011. The extension was initially targeted at $500 million, but raised to $618 million through an extension process, said a statement from Lloyds TSB Bank on Thursday.

The total amount for the facility was $800 million.

AUB is Bahrain's largest lender by market capitalisation. It provides retail, commercial, investment banking, global fund management and private banking services across the Middle East.

The company posted a 63 percent rise in third-quarter profits to $65.2 million in October on higher income and lower loan provisions.

AUB shares were trading 1.4 percent higher on the Bahrain bourse at 0935 GMT.