Abu Dhabi – Mubasher: United Arab Bank (UAB) has announced securing an $185 million two-year syndicated loan to be utilised for general corporate purposes and the refinancing of a present syndicated facility.

The new loan includes a conventional facility and a commodity Murabaha financing facility, with an annual margin of 1.50 % over Libor.

“The facilities were initially launched at $150 million and, due to an oversubscription, the facility closed at $185 million,” UAB said in a statement released on Sunday.

The transaction’s mandated lead arrangers and bookrunners included Bank ABC, Commerzbank, and Emirates NBD Capital Limited.  

“Both facilities have a one-year extension option at the end of year 2 at the discretion of each lender.”