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Commercial Bank of Dubai closes $450m loan

Commercial Bank of Dubai closes $450m loan

The transaction replaced a three-year facility of the same amount and duration

Commercial Bank of Dubai has closed a $450m loan for general business purposes.

In a bourse statement on Sunday, the firm said the transaction replaced a three-year facility of the same amount and duration signed in December 2013 and repaid in June this year.

The new loan carried a margin of 1.25 basis points over the London interbank offered rate.

Bank ABC, Citibank, Commerzbank Aktiengesellschaft, Filiale Luxemburg; Intesa SanPaolo, National Bank of Abu Dhabi, Standard Chartered andState Bank of India participated in the facility as mandated lead arrangers and bookrunners.

The confirmation followed reports from Reuters last month suggesting CBD was expected to sign a three-year loan worth up to $500m.

The bank is listed on the DFM and fully owned by UAE Nationals, including a 20 per cent stake held by the Dubai government.

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