29/01/2025
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29/01/2025
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KUWAIT CITY, Jan 29: Al Ahli Bank of Kuwait (ABK), through its DIFC Branch, has successfully closed a landmark USD 1 billion global syndicated term loan facility for a period of over 3 years, marking its largest debt facility to date. This significant achievement affirms ABK's robust standing in the financial markets.
The syndication was initially launched at USD 750 million; however, due to excessive oversubscription by 60%, the facility was upsized to USD 1 billion. This positive response highlights the strong liquidity position and confidence that both regional and international lenders, including those from the Middle East, US, Europe, and Asia, have in ABK.
“We are immensely proud to have secured this significant facility,” said Abdulla Al Sumait, Acting Group Chief Executive Officer at ABK. “This achievement reflects the trust and confidence that our lenders have in our financial stability and strategic vision. We are committed to utilizing these funds to enhance our service offerings and continue to foster sustainable growth.”
The proceeds from the facility will primarily be utilized to replace an existing loan facility and meet general funding requirements. This strategic move positions ABK to better serve its clientele while supporting overall business development.
The facility was led by a consortium of financial institutions including Commerzbank, Doha Bank, Emirates NBD Capital, ICBC, and SMBC, who acted as Bookrunners and Mandated Lead Arrangers. SNB also joined as a Mandated Lead Arranger, with ADCB, HSBC, and NBF as Lead Arrangers. The syndicate was further supported by Bank of Baroda, China Construction Bank, Mashreqbank, Korea Development Bank, Banque Misr, Bank of NY Mellon, and Fubon Bank, as Arrangers, and Bankinter, Industrial Bank of Korea, and Citi Bank as Managers. Emirates NBD Capital acted as Documentation Bank and Emirates NBD as Facility Agent.
Al Sumait concluded, “At ABK, we remain dedicated to our growth ambitions and are pleased to have the support of our esteemed financial partners in this endeavour. Securing such a substantial facility demonstrates our resilience and commitment to innovation. We are keen on the opportunities this funding will create for ABK as we continue to enhance our service offerings.”
