Abu Dhabi Commercial Bank (ADCB) has closed the syndication of a US$600mn three-year, senior unsecured term loan facility.

The facility, which was targeted at the Asian loan syndication market, initially closed with a group of seven lenders on October 4, 2016, at US$220mn following a limited senior syndication phase.

On October 6, 2016, a general syndication phase was launched at US$300mn, targeting a wider group of Asian investors, with a view to increasing the facility up to US$500mn.

Following the success of the general syndication, which saw an additional 15 lenders join the facility, resulting in significant oversubscription, ADCB elected to increase the facility amount to US$600mn.

The facility, which will be used for general corporate purposes, pays a margin of 95 basis points a year over US dollar Libor and has a bullet repayment at the end of the three-year tenor.

The London branch of Wells Fargo acted as the sole initial mandated lead arranger and bookrunner and was joined by seven lenders at the mandated lead arranger level, three lenders as lead arrangers, three lenders as arrangers and eight lenders as participants. The facility garnered widespread regional support from banks based in Greater China, Japan, the Republic of Korea, Singapore as well as India.

Wells Fargo also acted as co-ordinator, documentation and facility agent.

The full list of participants is as follows:

Mandated lead arrangers
China Construction Bank, DIFC branch
China Construction Bank, London branch
United Overseas Bank
Korea Development Bank, London branch
Korea Development Bank
Shanghai Pudong Development Bank Co, Hong Kong branch
Wing Lung Bank
Lead arrangers
State Bank of India, Osaka branch
Agricultural Bank of China, Seoul branch
Shinkin Central Bank
Bank of China, Macau branch
Bank of Taiwan, offshore banking branch
Shanghai Commercial & Savings Bank, offshore banking branch
Land Bank of Taiwan, offshore banking branch
Bank of Kaohsiung, offshore banking branch
E. Sun Commercial Bank, Hong Kong branch
Far Eastern International Bank, Hong Kong branch
Hua Nan Commercial Bank, offshore banking branch
Jih Sun International Bank
Mega International Commercial Bank Co, offshore banking branch
Taiwan Shin Kong Commercial Bank