GIB arranges $100m loan facility for NMC

DUBAI — Gulf International Bank (GIB) has successfully arranged a $100 million syndicated term loan facility for the New Medical Centre (NMC), a diversified business group in the UAE.

By (By a staff reporter)

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Published: Tue 27 May 2008, 8:26 AM

Last updated: Sun 5 Apr 2015, 1:42 PM

GIB acted as sole coordinator and mandated lead arranger for the facility, which will be used to refinance and expand the group's healthcare business in the country.

GIB arranged the term loan as a club deal, which was joined by National Bank of Oman, United Arab Bank, Bank of Bahrain and Kuwait, Bank Muscat and Union National Bank.

NMC is a diversified business conglomerate with operations in healthcare, trading, financial services, pharmaceutical manufacturing, hospitality, information technology, food services, and advertising.

During the signing ceremony of the facility in Abu Dhabi recently, Dr B R Shetty, Managing Director and CEO of NMC, said: "We are glad to partner with a leading international financial institution like GIB to fund our expansion programme. We strongly believe that this partnership will be beneficial to both NMC and GIB."

Abdulla Al Mazroei, Chairman of NMC, echoed similar sentiments. He said: "The successful completion of the syndicated loan facility with GIB is a testament to the confidence entrusted by financial institutions on NMC and gives us a lot of confidence to execute our expansion plans."

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