Mandated lead arrangers Emirates NBD, JPMorgan and Dubai Islamic Bank have closed a US$400mn syndicated import/purchase finance facility for Axiom Telecom in the United Arab Emirates (UAE). The company’s debut syndication will be used to replace all existing funded import and purchase finance facilities of the company.

The facility was underwritten by the MLAs, and an additional eight banks joined as participants during syndication. These are First Gulf Bank and Noor Islamic Bank as lead arrangers, Commercial Bank of Dubai as arranger and Emirates Islamic Bank and United Bank as co-arrangers.

The financing will replace all existing funded import and purchase finance facilities of the company.

“We are very pleased with the success of Axiom’s debut transaction in this market. Emirates NBD will continue supporting our clients in their quest for growth .Developing an Islamic and conventional tranche out of the same Facility was a challenging task for which all the stakeholders worked with determination and creative thinking,” comments Rajan Khetarpal, deputy general manager and head of global debt capital markets & overseas corporates at Emirates NBD.

Jeremy Shaw, global trade services head, EMEA, at JPMorgan adds: “We are pleased to have been mandated by Axiom for this important transaction and look forward to working with them as they continue to successfully expand their business.”

Axiom Telecom is the largest authorised distributor and retailer of international telecom brands, and has bases in Saudi Arabia, Bahrain, Qatar, Oman, Kuwait, London, Egypt and India.

It was established in 1997 by Faisal Al Bannai and then in 2005 Tecom Investments, a member of Dubai Holding, acquired 40% shareholding in the company.

Axiom has ambitious expansion plans, intending to be one of the largest mobile wireless retailers in the world. Part of its growth will be managed via joint ventures, and it already has a JV set up with Pantaloon in India.