ABN AMRO, Arab Banking Corporation, Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, BayernLB, BNP Paribas, Citibank London, Commerzbank, Gulf International Bank, Natixis, RZB and Sanpaolo IMI Bank Ireland, as initial mandated lead arrangers, have signed a loan agreement with Commercial Bank of Qatar for US$650mn.
HSBC Bank Middle East, ING Bank, and Mizuho Corporate Bank joined as mandated lead arrangers.
The bookrunners were Arab Banking Corporation, Bank of Tokyo-Mitsubishi UFJ, BayernLB and BNP Paribas. The facility agent is Gulf International Bank.
The facility, which was underwritten by the initial MLAs, was funded prior to the close of general syndication.
The facility, which has a tenor of five years and a margin of 27.5bp over Libor, will be used for general purposes funding, including the refinancing of short-term loans repaid in January 2007.
The syndication closed heavily oversubscribed from an initial launch amount of US$500mn with the support of 15 banks in general syndication. Based on the response received from the market Commercial Bank decided to increase the facility amount to US$650mn.
Joining the MLAS in general syndication were:
Mashreqbank, Société Générale and Wachovia Bank and lead arrangers; DZ Bank as arranger; Banca Monte dei Paschi di Siena, Bank Austria Creditanstalt, Banque et Caisse d’Epargne de l’Etat Luxembourg, Erste Bank, Industrial & Commercial Bank of China, KBC Bank Dublin, Kommunalkredit International Bank, Korea Development Bank, Woori Bank, and Zurcher Kantonalbank as co-arrangers; Landesbank Saar, and Union de Banques Arabes et Francaises-UBAF as lead managers.