ribune News Network
Doha
Commercial Bank has successfully closed a 3-year $500 million syndicated term loan facility led by Bank of America, Mizuho Bank, and SMBC Bank as joint coordinators and bookrunners of the facility.
According to a statement issued by the bank, the syndication was launched at an initial value of $500 million.
The transaction received strong interest from the market and was significantly oversubscribed at a value of $1.015 billion, demonstrating investor confidence in Commercial Bank’s financial performance and management, as well the strength of the Qatari economy.
Ultimately, the bank decided to close the facility at the launch amount of $500 million, reflecting its strong liquidity position. The proceeds from the facility were used to replace an existing facility and for Commercial Bank’s general funding requirements.
Commercial Bank Group CEO Joseph Abraham said, "The execution of our strategic plan is recognized by the market and Commercial Bank has a strong track record of international debt issuance, reflected in the quality and geographical diversity of the participating banks. I would like to thank our coordinator banks and other partners for their support in making this transaction a success.”
Commercial Bank EGM and Chief Wholesale and International Banking Officer Fahad Abdulrahman Badar said, "The oversubscription of 2.30 times the original value combined with competitive pricing and diversity of lenders reflects the Asian investor community’s confidence in the strength of Qatar’s banking system.”