Bahrain Commercial Facilities - BCFC announced it has successfuly launched its USD denominated $53 million floating rate unsecured note issuance due 2019.

The issue will comprise 106 notes each with a minimum nominal amount of $500,000 to be issued at par value , said a Bourse filling.

The notes will be issued by way of private placement in registered form and in denominations of $500,000 each in compliance with the offering of Securities Module.

The notes will have a maturity of 5 years, with interest paid semi -annually in arrears. The Notes are fully underwritten by Arab Banking Corporation.

The funds raised from the issue of the Notes will be applied to fund the Issuer's loan portfolio and for general corporate purposes.

Arab Banking Corporation acted as the Lead Manager and registrar for the issue of the Notes, advised by Trowers &Hamlins LLP-international counsel of the Lead Manager.

Noteworthy, BCFC reported 35.4% hike in Q2 profits, reaching BD4.2m against BD3.1m earned in the same period last year.

In six months, the company posted 13% cent rise in consolidated net profit at BD7.2 million ($19.1m) for the first six months of the year when compared with BD6.4m for the same period last year.