Initial mandated lead arrangers, co-underwriters and bookrunners Dubai Bank and RZB have closed a three-year syndicated commodity murabaha facility for Unicorn Investment Bank in Bahrain.
The transaction was originally launched at US$100mn, but was significantly oversubscribed during syndication and was closed at US$125mn. It paid a margin of 170 basis points over Libor per year. Repayment is due in bullet form upon final maturity.
Dawnay, Day and Co is the commodity supplier on the deal. Joining the facility at mandated lead arranger level were Arab National Bank, Bank Muscat International, Kuwait Finance House, Kuwait International Bank and HypoVereinsbank.
Lead managers are Al Salam Bank, Bahrain Islamic Bank, Doha Bank, Jordan InternationalBank, MEGA International Commercial Bank, National Bank of Fujairah, The Arab Investment Company, and Tunis International Bank.
Managers are AlBaraka Islamic Bank, Banque BIA, BLOM Bank, Hua Nan Commerical Bank and National Bank of Umm Al-Qaiwain.
Almost 50% of the demand for the murabaha came from outside the GCC and 10% originated from Asia.
Out of the total amount raised, almost 25% of the financing was placed with Islamic investors.Proceeds of the facility are to be used for general corporate purposes.
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