Kuwait-Mubasher: Burgan Bank has signed a two-year agreement on joint facilities with a consortium of banks for $350 million, according to a bourse statement.
The bank noted that these facilities will be allocated for general financing.
Burgan said it would pay a margin of 105 basis points annually above Libor price for three months per $1, adding that the payment will be made in one installment as the loan matures.
The loan was initially valued at $300 million but the bank has managed to increase it.
Commerzbank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Societe Generale, Standard Chartered, and Wells Fargo were the lead managers of the arrangement.
