Commercial Bank completes a three-year syndicated loan worth $500 million

Mark
Written By Mark

Commercial Bank (Q.S.C.) has successfully closed a US$500 million three-year syndicated term loan facility led by Bank of America, Mizuho Bank and SMBC Bank as Joint Coordinators and Bookrunners.
The bank said in a statement that the loan was launched with an initial value of US$500 million and received wide interest from the market, as the subscription concluded with a large surplus recording US$1.015 billion, in evidence of investors’ confidence in the performance and financial management of Commercial Bank and the strength of the Qatari economy.
The Bank decided to close the loan at a higher value than the initial value of US$500 million, reflecting its financial strength and liquidity. The loan proceeds were used to repay a previous loan and for general financing purposes of the Bank’s business.
Joseph Abraham, Group CEO of Commercial Bank, said: “Commercial Bank is executing its strategic plan meticulously, which is recognised by the market, and has a strong track record of international funds and debt issuances, which is reflected in the quality and geographic diversity of the participating banks. I would like to thank the coordinating banks and other partners for their support in making this transaction a success.”
For his part, Fahad Abdulrahman Badar, Executive General Manager and Head of Wholesale and International Banking at Commercial Bank, said that the oversubscription of 2.30 times the original value, with competitive pricing and diversity of lenders, reflects the confidence of the Asian investor community in the strength of the banking system in Qatar.