ADCB signs deal for $400m loan
ADCB, one of the largest banks in the Middle East, said it signed the Club Term Loan Facility with The Bank of Tokyo-Mitsubishi UFJ, ING Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation. The Bank of Tokyo-Mitsubishi is acting as facility agent and Standard Chartered Bank acted as documentation agent.
The facility will have a maturity of five years and the proceeds will be used for general financing purposes. The facility pays a margin of 27.5 basis points per annum and it will not be syndicated. ADCB Chief Executive Officer Eirvin Knox said: "The pricing achieved clearly indicated the support and the strong relationship ADCB enjoyed with its relationship banks even in the current credit markets."