ADCB signs deal for $400m loan - Emirates24|7

ADCB signs deal for $400m loan

The Abu Dhabi Commercial Bank (ADCB) has signed an agreement with four international banks for a $400 million (Dh1.46 billion) loan to finance its operations, the bank said yesterday.

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."