International law firms Norton Rose and Clifford Chance have served as advisers on First Gulf Bank’s (FGB) $900 million syndicated facility, the largest loan market transaction undertaken by a financial institution in the United Arab Emirates this year.
Clifford Chance advised First Gulf Bank on the three-year facility, which will be used to finance the expansion of its existing operations and its global footprint, as well as general corporate purposes.
Norton Rose acted for a syndicate of 14 banks on the deal. The syndicate of banks was comprised of Bank of Tokyo-Mitsubishi UFJ, Citibank, Commerzbank, Deutsche Bank, HSBC, Mizuho Corporate Bank, National Bank of Abu Dhabi (NBAD), Standard Chartered Bank, Bank of America Merrill Lynch, Bank of China, Samba Financial Group, Union National Bank, Al Khalij Commercial Bank and Arab Bank.
The Norton Rose team was led by partner Matthew Escritt with support from senior associate, Ahmet Kalafat.
“We are delighted to have been involved in this significant loan market transaction in the UAE,” said Escritt. “The facility’s size and its pricing indicate that there remains strong appetite amongst market participants for loans to investment grade borrowers with strong fundamentals.”
The senior unsecured facility, priced at 130 basis points over the London interbank offered rate (Libor), was increased from the original $800 million amount because of demand from banks wanting to join the deal, FGB said.
Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter: @ALB_TheBrief.
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