Bank of Sharjah refinances with USD 200 million loan

By IVCPOST Staff Reporter

Aug 22, 2013 05:19 AM EDT

The Bank of Sharjah announced it had signed a loan refinance facility worth USD 200 million. The Abu Dhabi-listed bank said the lenders who provided the loan were the National Bank of Abu Dhabi, Commercial Bank of Dubai, Commerzbank Aktiengesellschaft, First Gulf Bank and Wells Fargo Bank. The facility agent and coordinator for the refinancing loan was the National Bank of Abu Dhabi. The Bank of Sharjah said it would be using the loan for general corporate purposes. It would specifically use the funds for transactions denominated in US dollars.

The refinancing facility has a 1.25% margin per year. The price was also reduced to 25 basis points compared to the previous loan facility. The previous loan was entered into by the Bank of Sharjah in June 2011 and was fully repaid this August.

In a statement, Bank of Sharjah Executive Director & General Manager Varouj Nerguizian said, "This financing initiative translates Bank of Sharjah's solid standing among the country's leading commercial banks and the respect it commends within the International banking community. The reduction of the pricing of this facility is a confirmation of the bank's ever strengthening reputation, thanks to its healthy financial structure and sustained performance."

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