Clyde & Co advises NBF on AED 750 million syndicated loan

26/05/2015 17:31 AST

Clyde & Co has advised National Bank of Fujairah (NBF) on an AED 750 million syndicated loan for Pacific Control Systems. NBF Capital Ltd, a subsidiary of NBF acted as the financial advisor for this transaction. Pacific Control Systems will use the loan to finance its expansion and working capital requirements.

The transaction, a combination of Islamic and conventional financing structures, was oversubscribed by 33 per cent, receiving total commitments of AED 1 billion before being scaled back. It was underwritten by NBF and Al Khalij Commercial Bank QSC. Both banks also served as mandated lead arrangers, with NBF also acting as global facility agent for the transaction.

The other participating banks were Al Khaliji France SA, Dubai Islamic Bank, United Arab Bank, National Bank of Oman, Ajman Bank and Sharjah Islamic Bank. Dubai Islamic Bank also acted as the investment agent for the Islamic facility.

Clyde & Co's team was led by partners Adrian Low and Adil Hussain with assistance from Kristen Angus and Marcus George.

Banking & finance partner Adrian Low commented, “We are pleased to have played a role in this significant transaction, which demonstrates both the appetite for this kind of innovative structuring, and the ability of Clyde & Co's banking and finance team in providing timely and effective advice, to ensure a successful closure.”

Global head of Islamic finance, Adil Hussain said, “As Clyde & Co's Islamic finance practice continues to expand, we expect to act on many more of these joint financing deals. We are delighted to have assisted the lenders and Pacific Controls Systems on this successful transaction.”

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