Commercial Bank of Qatar signs upsized $1bn dual-tranche loan

February 24, 2014 - 10:56:37 am

DUBAI: Commercial Bank of Qatar said on Monday it had signed an upsized $1 billion loan with 21 local and international banks, with funds to be used for refinancing existing debt and funding its business growth.

The facility is split between a $600 million, two-year piece and a $400 million, three-year portion, which pay a margin of 100 and 120 basis points over the London interbank offered rate (Libor), the bank said in a bourse filing.

Lenders joining the facility came from the Gulf, the United States, Europe, Asia and Australia, the statement added.

Banks arranging the deal were Arab Banking Corp, Barclays, Commerzbank, HSBC, National Bank of Abu Dhabi and Wells Fargo, according to banking sources. (Reuters)