Kuwait's Gulf Bank secures $650mln debut senior unsecured syndicated term loan facility
KUWAIT CITY: Gulf Bank K.S.C.P. ('Gulf Bank' or the 'Borrower'), one of the leading conventional banks in Kuwait, has successfully signed a US$ 650 Million Senior Unsecured Syndicated Term Loan Facility (the 'Facility').
Emirates NBD Capital Limited, the investment banking arm of Emirates NBD, and Standard Chartered served as Global Coordinators, Mandated Lead Arrangers and Bookrunner ('MLABs'), acting both individually and collectively in these roles.
The Facility is Gulf Bank's debut transaction in the international syndicated loan markets and opens up a sustainable and diversified route of financing through access to the international and regional syndicated loan markets. The proceeds of the Facility will be utilized to fund Gulf Bank's general corporate purposes.
The Facility was anchored by the MLABs and was launched to a select group of international and regional investors in general syndication.
Waleed Mandani, Gulf Bank's Acting Chief Executive Officer, commented: 'The transaction received strong interest from both global and regional banks, allowing Gulf Bank to expand its funding sources and diversify its investor base. The Facility was significantly oversubscribed, allowing Gulf Bank to exercise the green-shoe option to upsize the Facility to US$ 650 Million from the original size at launch of US$ 500 Million, post scale-back. The success of this debut transaction affirms Gulf Bank's reputation as a regional banking leader with good domestic franchise, high credit worthiness and impeccable financial strength.'
Mandani Added: 'Emirates NBD and Standard Chartered have demonstrated exceptional expertise in successfully closing this transaction.'
Hitesh Asarpota, CEO of Emirates NBD Capital, said: 'We are proud to have played a pivotal role in facilitating Gulf Bank's milestone debut global syndicated loan transaction. The transaction was successfully completed with strong demand from both regional and global investors. This transaction is a testament to Emirates NBD Capital's commitment to fostering long-term partnerships, strengthening relationships with key institutions, and enhancing access to global liquidity.'
Commenting on the transaction, Rola Abu Manneh, Chief Executive Officer of Standard Chartered, UAE Middle East and Pakistan said: 'This successful transaction underscores Gulf Bank's market position and the high level of investor confidence in the region. The strong demand for the facility highlights both, the resilience of the syndication market and the depth of liquidity available to leading institutions. Standard Chartered remains committed to providing clients with innovative financing solutions and seamless access to global liquidity.'
The Facility was closed with participation from a diversified mix of regional and international lenders, with Emirates NBD Bank (P.J.S.C.) acting as Facility Agent.
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