Abu Dhabi – Mubasher: The National bank of Abu Dhabi (NBAD) announced the launch of a $2 billion syndicated loan deal on Thursday to refinance the existing bilateral facilities and provide new term funding.

The maturity period of the loan will be three years; NBAD will pay an interest at the rate of Libor + 0.65% annually and is expected to be closed and funded before the end of the year.

NBAD noted that the transaction is being syndicated to existing relationship lenders of NBAD, as well as a selected number of international banks.

"As we approach a merger that will create a larger and stronger bank, NBAD believes this to be the appropriate time to launch a transaction which will help consolidate and define our preferred relationships for the new consolidated entity," Stephen Jordan, group treasurer of NBAD, said in the bank's statement.