Commercial Bank closes $500m Syndicated Term Loan Facility
Summary
Doha, Qatar: Commercial Bank has successfully closed a 3-year $500m Syndicated Term Loan Facility led by Bank of America, Mizuho Bank, and SMBC Bank as joint coordinators and Bookrunners of the facility.The syndication was launched at an initial value of $500m. The transaction received strong interest from the market and was significantly oversubscribed at a value of $1.015bn, demonstrating investor confidence in Commercial Banks financial performance and management, as well the strength of the Qatari economy. Ultimately, the Bank decided to close the facility at the launch amount of $500m, reflecting its strong liquidity position. The proceeds from the facility were used to replace an existing facility and for Commercial Banks general funding requirements.Joseph Abraham, Group CEO of Commercial Bank said: The execution of our strategic plan is recognized by the market and Commercial Bank has a strong track record of international debt issuance, reflected in the quality and geographical diversity of the participating banks. I would like to thank our coordinator banks and other partners for their support in making this transaction a success.Fahad Abdulrahman Badar, EGM, Chief Wholesale and International Banking Officer at Commercial Bank said: The oversubscription of 2.30 times the original value combined with competitive pricing and diversity of lenders reflects the Asian investor communitys confidence in the strength of Qatars banking system.