Arab Banking Corporation closes $75m syndicated term loan facility for the IFC

DUBAI — Arab Banking Corporation (ABC) the "Mandated Lead Arranger" is pleased to announce that it has successfully closed syndication for a four-year amortising syndicated term loan facility secured by an assignment of consumer loan receivables for International Finance Company K.S.C (IFC).

By A Staff Reporter

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Published: Fri 31 Mar 2006, 10:26 AM

Last updated: Sat 4 Apr 2015, 3:41 PM

The general syndication received strong support from the regional syndication market and the facility was oversubscribed by more than 100 per cent. The facility amount was increased from the initial $50 million to $75 million.

The signing ceremony for the facility was held at the Ritz-Carlton Hotel, Bahrain on March 30, 2006 and was attended by senior representatives of IFC, ABC, and participating banks. At the signing ceremony, Khalifa Yousef Al Roumi, Chairman and Managing Director of International Finance Company, commented on the good performance of the company and the overwhelming commitments received from the Participants.

Ghazi Abdul-Jawad, President and Chief Executive of Arab Banking Corporation (B.S.C.) said: "ABC is delighted to have been given the opportunity to arrange this financing which we hope will form the basis of a long-standing partnership with IFC. We are delighted to have this prestigious group of banks alongside us." IFC was established in 1980 as a closed Kuwaiti shareholding company specialised in providing consumer finance products to individual and corporate customers.

Its main shareholders are Kuwait International Investment Company (KIIC), and International Financial advisors (IFA).

As on December 31, 2005, IFC's consolidated total assets and equity stood at KD141.2 million and KD92.7 million respectively. Total revenues for the year ending December 31, 2005 were KD32.11 million, a 154.7 per cent increase over the previous period.

IFC is listed on the Kuwait Stock Exchange, its market capitalisation as of March 26, 2006 was KD 98.1 million.

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