Doha Bank has signed an oversubscribed US$575mn syndicated senior unsecured term loan facility – its first in eight years.

The facility, which will be used for general corporate purposes, pays a margin of 75 basis points over Libor and has a bullet repayment at the end of the two-year tenor. A one-year extension option is available at the end of the second year, at the discretion of each lender.

“Despite the prevailing challenging bank market conditions in the Middle East, Doha Bank was able to upsize the facility from the original targeted amount of US$500mn due to excellent support from its relationship banks,” says a statement issued by the bank.

Taking the role of bookrunners and mandated lead arrangers (MLAs) are: Bank of China (Hong Kong), China Construction Bank (Dubai), Commerzbank, ING Bank, Mizuho Bank and Wells Fargo (London).

ANZ and Wing Lung Bank are MLAs, while the Commercial Bank [of Qatar] (QSC) joins the facility as a lead arranger. Wells Fargo also takes on the role of co-ordinator, documentation and facility agent.