Commercial Bank Closes USD 750 Million Asian Syndicated Term Loan Facility

Doha, June 13 (QNA) - Commercial Bank has successfully closed a dual tranche 3- & 5-years USD 750 Million Asian Syndicated Term Loan Facility led by Mizuho Bank as Coordinator and Arranger.
In a statement, the bank said that the syndication was launched at an initial value of USD 400 Million. The transaction received strong interest from the market and closed significantly oversubscribed at a value of USD 940 Million, demonstrating investor confidence in Commercial Bank's financial performance and management, as well the strength of the Qatari economy. Ultimately, the Bank decided to close the facility at a higher facility amount of USD 750 Million, reflecting its strong liquidity position. The proceeds from the facility was used to replace an existing facility and for Commercial Bank's general funding requirements.
Commercial Bank's GCEO, Joseph Abraham, said: "Commercial Bank is executing well on its strategic plan which is recognized by the market and has a strong track record of international funds and debt issuance, reflected in the quality and geographical diversity of the participating banks. I would like to thank our Coordinator Bank and other partners for their support in making this transaction such as success." Fahad Abdulrahman Badar, EGM International Banking said: "The oversubscription was by 2.35x with competitive pricing and well-diversified lenders showing the confidence of the Asian investor community in the strength of Qatar's banking system." (QNA)