QNB ‘successfully closes’ syndication of €2.25bn,3-year senior Euro te

loan facility

29/05/2016 05:56 AST

QNB has “successfully closed” syndication of its three-year €2.25bn senior unsecured Euro term loan facility, the leading financial institution in the Middle East and Africa region said yesterday.

The facility was upsized from €1.5bn due to strong market over-subscription by the 14 participating banks, it said yesterday.

QNB mandated Crédit Agricole Corporate and Investment Bank and Société Générale Corporate & Investment Banking as initial mandated lead arrangers, underwriters and bookrunners to arrange the facility.

They were joined by ING Bank NV as initial mandated lead arranger. The facility was further supported by Industrial and Commercial Bank of China Doha (QFC) branch, Doha Bank and UniCredit Bank AG as mandated lead arrangers, Commerzbank AG, Filiale Luxemburg as arranger, Banque et Caisse d’Epargne de l‘Etat, Luxembourg, Banque Internationale à Luxembourg, The Korea Development Bank, London Branch, Shinkin Central Bank, State Bank of India, London Branch, UBI Banca and Zürcher Kantonalbank as managers. The new facility will be used for general corporate purposes and pays an interest rate of Euribor plus 105 bps, QNB said.

Established in 1964 as the country’s first Qatari-owned commercial bank, QNB has steadily grown to become the biggest bank in Qatar and a leading financial institution in the Middle East and Africa region by total assets, loans, deposits and profit.

QNB Group, subsidiaries and associate companies operate in some 27 countries around the world.

The bank is among the highest rated regional banks with long term credit ratings of A+/Aa3/AA- from Standard & Poor’s, Moody’s and Fitch, respectively.

Gulf Times