Abu Dhabi – Mubasher: National Bank of Fujairah ( NBF ) said Tuesday that NBF Capital Limited, a fully-owned subsidiary, has successfully concluded a maiden syndication transaction worth AED 180 million ($49 million) for ZAFCO.

NBF Capital acted as the financial advisor and book-runner for the transaction. The five-year term loan facility was fully underwritten by NBF, which also acted as the facility and security agent.

ZAFCO, a leading global distributor, importer and exporter of automotive tires, batteries and lubricants that is based in the UAE, will use the funds to finance its core working capital requirements.

The syndication had a total of four participating banks, with NBF and First Gulf Bank acting as the mandated lead arrangers, and Mashreq Bank and National Bank of Oman as arrangers.