CBD closes new $450m facility

This facility replaces a three-year $450 million transaction concluded in August 2011, which was prepaid in October this year.

The facility has a maturity of 36 months from the date of drawdown and will be used for general corporate purposes.

The transaction carries a margin of 1.25 per cent above Libor.

The Arab Banking Corporation, The Bank of New York Mellon, Citibank, Commerzbank Aktiengesellschaft, ING Commercial Banking, JPMorgan, National Bank of Abu Dhabi, Natixis, and Standard Chartered Bank participated in the facility as mandated lead arrangers.

Commerzbank Aktiengesellschaft, which coordinated the facility, acted as documentation agent. The Bank of New York Mellon, London Branch, is facility agent.

CBD was incorporated in Dubai in 1969 and is one of the oldest banks in Dubai. It is listed on the Dubai Financial Market and is fully-owned by UAE nationals, with 20 per cent owned by the Government of Dubai.

CBD is rated A- by Fitch and Baa1 by Moody’s.

• business@khaleejtimes.com