Tuesday 10, October 2017 by Nabilah Annuar

RAKBANK closes $350 million three-year syndicated term loan facility

The facility was signed on 9 October 2017 and will be utilised by RAKBANK for general funding purposes.

Bank ABC (Arab Banking Corporation), First Abu Dhabi Bank PJSC (FAB), and Standard Chartered Bank, acting as the Initial Mandated Lead Arrangers and Bookrunners, successfully closed a debut $350 million three-year Syndicated Term Loan Facility for The National Bank of Ras Al Khaimah (P.S.C) (RAKBANK).

The syndication was launched at $250 million on 8th August, 2017 and the facility was well received by the market and oversubscribed on the back of strong participation from regional and international banks. RAKBANK decided to upsize the facility size to $350 million. A total of 22 banks from the GCC, Europe and Asia participated in the Facility. 

RAKBANK is rated Baa1 (stable) by Moody’s and BBB+ (stable) by Fitch Ratings.

 

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