Mubasher: Burgan Bank on Sunday announced it succeeded in closing a three-year syndicated loan worth $350 million (KWD 105 million) with a consortium of leading international and regional banks.

The loan will be used for general financing, as the Kuwait-based bank will pay around 95 basis points above the LIBOR rate against the dollar a year, on which the bank will pay it off in a single installement upon loan effectiveness, Burgan Bank said in a filing to Boursa Kuwait.

It is worth note that Kuwait's third-largest lender by assets has been able to obtain competitive conditions, in addition to extending facilities period as compared with the previous syndicated loan closed in December 2015.

This is a strong proof of Burgan Bank’s high-quality credit which proves the bank’s attractiveness as a borrower.

Burgan Bank remarked that the issuance outturn represents an additional finance for the bank which amounts to $350 million, in line with an increase in liabilities at the same value.