Abu Dhabi – Mubasher: RAKBank on Wednesday won a $350 million 3-year syndicated loan from Bank ABC, First Abu Dhabi Bank (FAB), and Standard Chartered Bank.
Bank ABC, First Abu Dhabi Bank PJSC (FAB), and Standard Chartered Bank acted as the initial mandated lead arrangers and bookrunners, according to the bank’s statement to the Abu Dhabi Securities Exchange (ADX).
The loan’s facility agreement was signed on 9 October and the loan will be allocated for by general financing purposes.
“The syndication was launched at US$250 million on 8th August, 2017 and the facility was well received by the market and oversubscribed on the back of strong participation from regional and international banks,” the bank’s statement added.
Moody’s rate to RAKBank was Baa1 with stable outlook, while Fitch Ratings rate’s to the bank was BBB+ with a stable outlook.
