RAKBANK launches $250 million three-year Syndicated Term Loan Facility
RAKBANK announced that it has mandated Bank ABC (Arab Banking Corporation (B.S.C.)), First Abu Dhabi Bank PJSC (FAB), and Standard Chartered Bank as the Initial Mandated Lead Arrangers and Bookrunners to arrange on its behalf a debut $250 million three-year syndicated term loan facility (the “Facility”).
The Facility will be used by RAKBANK for general corporate purposes. Syndication was launched today and is expected to close by mid-September 2017.
In line with RAKBANK’s strategic plan to diversify its product offering to better serve the needs of the customers and enhance shareholder value, the Bank has increased its focus on Treasury, Corporate, and Institutional Business.
RAKBANK is rated Baa1 (stable) by Moody’s and BBB+ (stable) by Fitch Ratings.