Al Khalij Commercial Bank (al khaliji) along with National Bank of Fujairah (NBF) has announced the successful closing of a landmark transaction  for, Pacific Controls, a pioneer of  IoT (Internet of Things) and an international ICT (Information and Communication Technology) player, during a commemorative lunch ceremony recently held in Dubai.

 

Partnering with the NBF, al khaliji acted as underwriter and mandated lead arranger on a highly successful syndicated term finance facility of AED 750 million for Pacific Controls. Owing to a highly effective sell down and syndication strategy, for which NBF Capital – NBF’s fully-owned subsidiary – acted as Bookrunners whereas al khaliji and NBF were the underwriters - the deal received an oversubscription of 33 percent, amounting to AED 1 billion in total commitments from the mandated lead arrangers and a syndicate of banks including Al Khaliji France SA, Dubai Islamic Bank, United Arab Bank, Ajman Bank, Sharjah Islamic Bank and National Bank of Oman. This syndication, combination of conventional and Islamic financing, is the second to be successfully closed for Pacific Controls over the past three years.