Latest news with #syndicatedloan
Zawya
4 days ago
- Business
- Zawya
FABMISR leads $85mln syndicated loan for Redcon Properties' Golden Gate project
First Abu Dhabi Bank Misr (FABMISR), the Egyptian subsidiary of UAE-headquartered First Abu Dhabi Bank (FAB), announced on Monday that it has led a syndicated loan of 4.2 billion Egyptian pounds ($85 million) to support the development of Redcon Properties' Golden Gate commercial project in New Cairo. FABMISR served as the initial mandated lead arranger, bookrunner, facility agent, security agent, and account bank for the financing transaction. The syndicate also included Al Baraka Bank Egypt and Abu Dhabi Commercial Bank (ADCB) as mandated lead arrangers, while Arab Bank and Emirates NBD Egypt participated as lead arrangers. The legal counsel for the lenders was provided by Matouk Bassiouny & Hennawy. Redcon Properties laid the foundation stone for Golden Gate in February 2022. A press statement issued by FABMISR said the financing facility, initially targeted at EGP 3.5 billion ($71 million), was oversubscribed 1.2 times, triggering the Greenshoe Option to increase the facility size to EGP 4.2 billion. Structured as a revolving credit facility over 3.5 years, the loan will cover part of the first phase investment cost of EGP 24.3 billion ($489 million). Phase 1 will have 178,000 square metres (sqm) of built-up area. (Writing by Eman Hamed; Editing by Anoop Menon) (
Zawya
18-05-2025
- Business
- Zawya
Gulf International Bank B.S.C closes debut $500mln Islamic syndicated financing facility
Strong uptake of the facility highlights GIB's sound credit profile while further strengthening the Bank's financial position and diversifying its funding sources. Manama – Gulf International Bank B.S.C. (GIB) today announced that it has successfully closed its debut US$500 million syndicated Murabaha financing facility, marking the Bank's first Islamic syndicated transaction in the international market. The three-year Shariah-compliant facility was well oversubscribed, driven by strong demand from a broad mix of leading regional and international banks. The successful completion of the facility underscores GIB's sound financial position in the market. The strong interest garnered by the facility has enabled GIB to further diversify its funding base and facilitate the Bank's continued business growth across its core markets and key business lines. Sara Abdulhadi, Chief Executive Officer of GIB B.S.C., said, 'We are proud to have successfully closed GIB's inaugural syndicated Murabaha facility, marking a key milestone in the ongoing diversification of our funding strategy. The strong response and oversubscription from such a diverse group of regional and international banks reflects tremendous market confidence in GIB's position as a leading pan-GCC universal bank.' SMBC Group acted as the Initial Mandated Lead Arranger, Bookrunner and Coordinator for the facility. Emirates NBD Capital Limited and First Abu Dhabi Bank PJSC were the Mandated Lead Arrangers and Bookrunners. About Gulf International Bank (GIB) Gulf International Bank B.S.C. is a pan-GCC universal bank established in 1975 and regulated by the Central Bank of Bahrain. GIB's services are delivered across the GCC and international markets through its subsidiaries: GIB Saudi Arabia and GIB (UK) Ltd. Additionally, the Bank has branches in the UAE, Oman, London and USA. GIB is owned by the governments of the Gulf Cooperation Council countries, with Saudi Arabia's Public Investment Fund being the principal shareholder. For more information, kindly contact: FinMark Communications
