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BCFC raises $125m loan

MANAMA: Bahrain Commercial Facilities Company (BCFC) has closed a $125 million five-year syndicated loan facility.

The facility was arranged by Gulf International Bank, Ahli United Bank and National Bank of Bahrain in their capacity as initial mandated lead arrangers and bookrunners, with Arab Bank as mandated lead arranger.

The funds will be used to repay a $50m syndicated loan and $53m bonds on their maturities, while the remaining $22m would allocated for general business expansion needs.

BCFC chief executive Dr Adel Hubail welcomed the successful closure of the new facility and appreciated the support extended by the participating banks.

He said the successful closure of the transaction is an endorsement of BCFC’s robust business model with well-defined and fully articulated unique value propositions and loyal customer base.

“Our growth strategy has always been balanced with prudent risk management practices.

“The new finance facility enhances the company’s long-term liquidity and reinforces its staggered maturity profile,” added Dr Hubail.

On the successful closure of the transaction, the participant banks have wished BCFC continued growth and prosperity in the future.

Source: http://www.gdnonline.com/Details/568362