(MENAFN- Gulf Times) Commercial Bank has successfully closed a dual-tranche $227.5mn syndicated term loan facility recently with competitive pricing and well-diversified investors by tapping the Asian markets.
The facility was mandated to Mizuho Bank to lead and arrange with the purpose of meeting the bank's general funding and working capital needs, Commercial Bank said Tuesday.
Recently, Commercial Bank successfully launched a senior unsecured five-year bond worth $500mn at a new price benchmark.
The transaction was launched at the set spread of +175 bps over five-year mid swaps and priced at a coupon rate of 2% and yield of 2.083%. The issue was also oversubscribed 3.8 times.
This transaction marked Commercial Bank's successful return to the 'US $ public markets since 2018 and effectively repriced the bank's funding curve down.
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